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Bank of Canada holds key interest rate, but warns of looming hikes

The Bank of Canada is keeping its key interest rate target on hold at 0.25 per cent, but warning it won't stay there for much longer. The trendsetting rate has been at its rock-bottom level since March 2020 during the first wave of the COVID-19 pandemic as the economy went into a downturn and three million jobs were lost.

COVID-19 in Alberta today

Alberta's health minister says "the coming weeks are going to be the toughest yet" as the province nears what is expected to be the turning point of the Omicron wave.

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Omicron subvariant BA.2 reported in Canada: PHAC

The Public Health Agency of Canada says it has detected more than 50 cases of a new Omicron subvariant known as BA.2. The subvariant is widely considered 'stealthier' than the original version of Omicron because some of its genetic traits make it harder to detect.

FILE - Specimens to be tested for COVID-19 are seen at LifeLabs after being logged upon receipt at the company's lab, in Surrey, B.C., on Thursday, March 26, 2020. (THE CANADIAN PRESS/Darryl Dyck)

Bank of Canada holds key interest rate, but warns of looming hikes

The Bank of Canada is keeping its key interest rate target on hold at 0.25 per cent, but warning it won't stay there for much longer. The trendsetting rate has been at its rock-bottom level since March 2020 during the first wave of the COVID-19 pandemic as the economy went into a downturn and three million jobs were lost.