The Daily Chase: Canada loses jobs in May; Brookfield to snap up Network International

The Canadian labour market finally faltered in May, shedding 17,300 jobs to post the first decline since last August.

BEAUDRY WARNS HIGHER RATES MAY BE LOSING THEIR BITE

Bank of Canada Deputy Governor Paul Beaudry is flagging the central bank’s concerns that higher interest rates may not be having the same magnitude of an impact than we’ve seen in the past. In a speech yesterday, Beaudry said the BoC hiked earlier this week due to concerns inflation could get somewhat jammed above the two per cent target rate, as higher rates haven’t sufficiently dampened household demand. For central bank watchers, it’s of note that he also said the so-called neutral rate – where rates neither constrain economic activity nor add fuel to the fire – may be higher than the Bank of Canada originally thought, which could be a harbinger for higher-for-longer rates.

BROOKFIELD STRIKES £2.2B CARD PROCESSING DEAL