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Inflation is here to stay until 2025

While acknowledging that inflation “has come down a lot since the summer of 2022,” the Bank of Canada believes it will take until 2025 to reach the target 2% inflation rate.

“We expect inflation to ease gradually and return to the 2% target in 2025. But we’re worried that higher energy prices and persistence in underlying inflation are slowing progress,” the bank said in a statement.

This remark comes after the central bank held its policy interest rate unchanged at 5%, as it continues its policy of quantitative tightening.

You can read more on the matter here.

What’s going on?

• Vivek Ramaswamy’s Roivant Sells Drugmaker Televant For $7.1 Billion After Acquiring It For $45 Million From Pfizer (theDeepDive)

• Major drink brands launch more non-alcoholic options as ‘sober curious’ trend grows (BNN)

• Inflation Is Here To Stay Until 2025: Bank Of Canada (theDeepDive)

• New Brunswick Judge Faces Scrutiny Over Apartment Building Ownership (theDeepDive)

• GTA home sales back on the rise after three-month lows (TS)

• A Man Was Caught Peeing into a Tank of Beer at a Tsingtao Facility (theDeepDive)

• Weight-loss drug worries add to US restaurants' weak traffic woes (Reuters)

• Ottawa Beckons Grocery Chain CEOs Back To Discuss Food Prices (theDeepDive)

• U.S. GDP grew at a 4.9% annual pace in the third quarter, better than expected (CNBC)

• UFC Announces Bud Light’s Return to the Octagon with Multiyear Deal, Social Media Users Try To Start A Boycott (theDeepDive)

What’s the latest?

• Maine Mass Shooting: A shooting rampage occurred in Lewiston, Maine, resulting in 18 fatalities and 13 injuries at a bowling alley and a bar. Authorities are actively seeking Robert R. Card, a U.S. Army reservist and the prime suspect in the attacks. Card, who had been previously committed to a mental health facility during the summer, was seen in circulated photographs from one of the crime scenes wielding a semi-automatic rifle.

• ECB Pauses Hikes: The European Central Bank broke its streak of 10 consecutive rate increases, leaving interest rates unchanged. ECB President, Christine Lagarde, emphasized a weak euro zone economy but noted persistent price pressures, potentially intensified by Middle East conflicts. Despite inflation decreasing to an expected 3.1% in October from 4.3% in September, it remains above the bank's 2% target.

• SBF To Testify: Sam Bankman-Fried, founder of FTX, is set to testify in his fraud trial, as announced by his lawyer to a federal judge, quashing speculation about his courtroom silence. Much of the prosecution's case relies on testimonies from Bankman-Fried's former colleagues, while the defense hopes his own testimony might paint him as a well-intentioned entrepreneur who lost control of his company's issues.

• BP Buys Tesla Chargers: BP's electric vehicle charger unit, BP Pulse, is investing $100 million in Tesla's ultra-fast chargers for deployment in the U.S., marking the first time Tesla's chargers will be used on an independent network. This initiative aligns with BP Pulse's goal to invest up to $1 billion in U.S. charging stations by 2030.

• US Economy Grows: The U.S. economy demonstrated a surprising surge in the third quarter, with growth at its swiftest in almost two years, as indicated by the Commerce Department's Bureau of Economic Analysis. This robust growth, which saw the gross domestic product rise at a 4.9% annualized rate (surpassing the forecasted 4.3%), was largely propelled by solid consumer spending and a rebound in residential investment.

The impending copper shortage

The stock market and stuff

• UAW, Ford Reach Tentative Deal That Proposes 25% Pay Bump (theDeepDive)

• Apple Expands Pay Later Service to All US Users (theDeepDive)

• Agnico Eagle Posts US$1.64B In Revenue For Q3 2023 (theDeepDive)

In the juniors

• Emergent Metals To Investigate 8 Km Graphite Exploration Target At Casa South Property (theDeepDive)

• Ladder Capital Q3 earnings hold up as expenses decline (SA)

• ReconAfrica Sells Off Mexican Assets As It Works To Clean Up Balance Sheet (theDeepDive)

FULL DISCLOSURE: Core Assets Corp is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Core Assets Corp. The author has been compensated to cover Core Assets Corp on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.