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Senate Approves Stopgap Funding Bill to Prevent Government Shutdown

In a dramatic turn of events, the U.S. Senate passed a six-month funding bill just hours before a potential government shutdown. The bill, which faced significant opposition from Democrats, was approved with a 54-46 vote. The legislation now heads to President Donald Trump's desk for final approval. The funding measure, often referred to as a continuing resolution (CR), was a contentious issue, with Democrats criticizing it for lacking input from their party and for falling short on key priorities like healthcare and housing assistance. However, Senate Minority Leader Chuck Schumer urged his colleagues to support the bill, emphasizing that a government shutdown would have far-reaching consequences. Despite internal divisions, some Democrats sided with Republicans to ensure the bill's passage, prioritizing the avoidance of a shutdown over their reservations about the legislation. The decision has sparked debates within the Democratic Party, with some members expressing frustrati...
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Canada’s Inflation Steady in November


Canada's annual inflation rate eased to 3.1% in November, down from 3.8% in October, as lower gas prices offset higher costs for food, rent and mortgage interest, according to Statistics Canada .

Gasoline prices fell by 6.4% in November compared to October, and by 7.8% compared to November 2020. Excluding gasoline, the inflation rate would have been 3.6% in November.

Food prices rose by 5.4% year-over-year in November, slightly slower than the 5.8% increase in October. However, consumers still paid more than 20% more for a basket of groceries relative to three years ago.

Other major contributors to the inflation rate were rent, which increased by 4.4%, and mortgage interest costs, which jumped by 16.9%. Prices for travel tours also accelerated by 18.7%, reflecting the recovery in demand for travel services.

The Bank of Canada, which targets an inflation rate of 2%, has raised its key interest rate three times this year to cool down the economy and inflation pressures. The central bank is expected to keep rates unchanged at 5% at its next meeting on Dec. 6.

Two of the bank's core inflation measures, which exclude more volatile items, also moderated in November, averaging 3.6%, down from an upwardly revised 3.8% in October. Another measure, a three-month moving average of underlying price pressures, dropped to an annualized pace of 2.96%, from 3.67% in October.

Some economists said the inflation data could signal a turning point for price pressures and open the door for interest rate cuts in the first half of 2024. Others said the inflation rate could remain elevated for longer due to supply chain disruptions and labour shortages.

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