WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– Former Minneapolis police officer Derek Chauvin was found guilty of all three charges against him yesterday, in connection with the death of George Floyd. Chauvin was charged with second-degree unintentional murder, third-degree murder and second-degree manslaughter, all of which carry lengthy prison terms. On May 25, 2020, Floyd, an African American, was killed when Chauvin kneeled on his neck for more than nine minutes, as two other officers, all white, held him down. The incident was captured on video and sparked outrage across the world.
– Statistics Canada reports that the annual rate of inflation had jumped in March mainly due to a sharp drop in consumer prices at the start of the COVID-19 pandemic. In March, the consumer price index (CPI) was up 2.2 per cent compared to March 2020. The CPI was only 1.1 per cent higher in February compared to the same month in 2020.
– The Bank of Canada (BoC) is expected to reduce its weekly bond purchases from C$4 billion to C$3 billion in an effort to reduce emergency stimulus by the federal government as the central bank delivers its latest policy decision later today. BoC may also accelerate its timeline to raise key interest rates instead of its current plan to keep them steady until 2023.