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The Bank of Canada raised rates by 50 basis points last month to fight high inflation, lifting the policy rate to 3.75%, the highest since the 4% level seen in January 2008. Rogers said the bank was monitoring how a combination of high home prices and high household debt - both longstanding economic vulnerabilities in Canada - could affect the stability of the financial system. After a blowout job gain report for October, Canada's annual inflation rate held steady that same month at 6.9%, matching analyst forecasts, while core inflation measures were mixed, data showed last week. Once fixed-rate mortgages hit the trigger point, lenders can ask them to pay more. Some 50% of those who have variable-rate mortgages, or about 13% of all Canadian mortgages, have already seen their payments reach the trigger point, the paper said.

☆ 3 U.S.-based economists given Nobel Prize for work on banks
▼ + stars: | 2022-10-10 | by ( The Associated Press | ) www.nbcnews.com time to read: +2 min

STOCKHOLM — This year’s Nobel Prize in economic sciences has been awarded to the former chair of the U.S. Federal Reserve, Ben S. Bernanke, and two U.S.-based economists, Douglas W. Diamond and Philip H. Dybvig, “for research on banks and financial crises.”The prize was announced Monday by the Nobel panel at the Royal Swedish Academy of Sciences in Stockholm. Last year, half of the award went to David Card for his research on how the minimum wage, immigration and education affect the labor market. The Nobel Economics Prize was awarded to a US trio for their contributions on explaining the role of banks in the economy. French author Annie Ernaux won this year’s Nobel Prize in literature Thursday. The Nobel Peace Prize went to jailed Belarus human rights activist Ales Bialiatski, the Russian group Memorial and the Ukrainian organization Center for Civil Liberties on Friday.

Reuters GraphicsThe broadening of price increases, increased wage settlements, as well as rising consumer and business inflation expectations are signs that inflation is becoming more entrenched in the economy, economists told Reuters. That is an outcome that the Bank of Canada has hoped to avoid, saying it would require more aggressive interest rate hikes to bring inflation back under control. Economists at Desjardins Group and Oxford Economics also foresee aggressive rate hikes leading to a recession, though they cast it as a mild downturn. We need to cool the economy to get inflation back to target," Senior Deputy Governor Carolyn Rogers told reporters earlier this month. As for headline inflation, the central bank has it returning to 2% in 2024.

☆ See inside the $3.6 million Gilded Age Newport mansion Jennifer Lawrence just got married in
▼ + stars: | 2019-10-21 | by ( Irene Jiang | ) www.businessinsider.com time to read: +2 min

Jennifer Lawrence married art dealer Cooke Maroney at the historical Belcourt Mansion on Saturday. Belcourt Mansion is a Gilded-Age mansion in Newport, Rhode Island that was modeled after 17th-century French King Louis XIII's hunting lodge at Versailles. Before the Lawrence-Maroney wedding, the mansion already had a star-studded history full of Vanderbilts, ghosts, and women's suffrage. AdvertisementJennifer Lawrence married art dealer Cooke Maroney at the Belcourt Mansion in Newport, Rhode Island on Saturday. Built by Gilded Age architect Richard Morris Hunt for socialite Oliver Belmont, the Belcourt Mansion was modeled after Louis XIII's hunting lodge at Versailles and is now owned by Alex and Ani founder Carolyn Rafaelian.

Persons: Jennifer Lawrence, Cooke Maroney, Belcourt, King Louis XIII's, Carolyn Rafaelian, Lawrence, Maroney, —, Richard Morris Hunt, Oliver Belmont, Louis XIII's, Alex, Ani, Katniss Everdeen, Read, Jennifer Lawrence's Organizations: Service, Gilded Locations: Newport , Rhode Island, Versailles

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