Global Markets: Bank of Canada has no plan to raise interest rates

WINNIPEG, Feb. 24 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Bank of Canada governor Tiff Macklem, speaking remotely to the Calgary and Edmonton chambers of commerce on Tuesday, said that Canada’s central bank does not plan to raise interest rates until the economy and employment numbers have recovered post-pandemic. Despite a recent rise in housing prices, Macklem added that the economy would likely need monetary stimulus until 2023. Low-wage jobs, especially those held by women and youth, were hit the hardest by the pandemic, he said, but also expressed optimism that the economy would be closer to pre-pandemic levels by the end of the year.

– The United States Food & Drug Administration (FDA) has determined that the one-dose Johnson & Johnson COVID-19 vaccine is effective and safe, according to documents released on Wednesday. It will meet Friday to decide whether or not to grant emergency use authorization for the vaccine. Last month, the company announced the vaccine was 66 per cent effective against multiple variants of the virus, ranging from 72 per cent in the U.S. to 57 per cent in South Africa, but it also had an 85 per cent success rate in stopping severe cases. Health Canada could approve the vaccine as soon as next week, of which the federal government has guaranteed an order of 10 million doses.

– Facebook pledged on Wednesday to invest US$1 billion into the Australian news industry over the next three years. This comes a day after the social media giant lifted its week-long ban on sharing and posting news content from the country in retaliation to the Australian federal government’s plan to charge Facebook and Google for using content from the country’s news outlets. Google and the Australian government reached a deal to avoid a ban altogether.

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