Global Markets: Powell to testify in congressional hearing

WINNIPEG – The following is a glance at the news moving markets in Canada and globally.

– United States Federal Reserve Chair Jerome Powell will testify in a congressional hearing later today where lawmakers will ask what the central bank plans to do in order to relieve rising inflation and unemployment due to the COVID-19 pandemic. The Fed projected last week that prices are expected to rise 3.4 per cent in 2021 and job growth has been slower than anticipated.

– The Group of Twenty (G20) will endorse a global minimum corporate tax rate at its meeting next month in order for the minimum framework to be implemented by October, according to media reports. The draft made no mention of what the tax rate would be, but it would be need to be reviewed and agreed upon by 140 nations at the online Inclusive Framework meeting next week by the Organization for Economic Co-operation and Development. Then, details would be sent to the G20 meeting to take place in Venice from July 9 to 10.

– No new cases of COVID-19 were detected in Canada’s Maritime provinces – Nova Scotia, New Brunswick and Prince Edward Island – on Monday. For Nova Scotia, it was the first time the province reported zero new cases since March 29. Meanwhile, Saskatchewan, Alberta and Quebec all recorded their lowest single-day new case counts since last August.

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