The Bank of Canada increased the overnight rate another 75 basis points, to 3.25 percent, which is now about the neutral range and into territory where it is meant to dampen growth—and they say it will likely continue to go up in future decisions. This being said, we should also recognise how strong the Canadian economy is running right now, which is having an effect on things like deficit and debt, which conversely makes the Conservatives’ insistence that government spending is driving this inflation (it’s not), and what they think austerity would accomplish here (nothing good). Anyway, here’s economist Kevin Milligan to break it down:
https://twitter.com/kevinmilligan/status/1567532339496108034
https://twitter.com/kevinmilligan/status/1567536188680187908
https://twitter.com/kevinmilligan/status/1567538208971583489
Ukraine Dispatch, Day 197:
Shelling near the Zaporizhzhia nuclear power plant has damaged the last remaining backup power line to the plant, which means that the coolant systems are now fully on back-up generators, and the ongoing shelling makes doing repairs an unlikely possibility. Elsewhere, heavy fighting has been reported in the north near Kharkiv; in the east, in the Donbas region; and in the south, near Kherson, where Ukrainian soldiers are pushing Russian forces in their counter-offensive.
Some pretty incredible footage of Macron talking to Zelensky on the morning of the invasion, when the scale of the full-scale Russian assault on Ukraine was becoming clear.pic.twitter.com/9ETzGScTmp
— Jimmy Rushton (@JimmySecUK) September 7, 2022
⚡️CNN: Ukrainian official says 2.5 million people have been forcibly deported to Russia.
— The Kyiv Independent (@KyivIndependent) September 8, 2022