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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.

A woman walks past the Bank of Canada Wednesday September 6, 2017 in Ottawa. (THE CANADIAN PRESS/Adrian Wyld)

Russia threatens retaliation if Ukraine demands not met

Russia warned Wednesday it would quickly take 'retaliatory measures' if the U.S. and its allies reject its security demands over NATO and Ukraine, raising pressure on the West amid concerns that Moscow is planning to invade its neighbour.