The Federal Reserve in the United States has decided to keep interest rates unchanged for the second consecutive time. However, they have left the possibility open for further rate hikes if inflation pressures were to increase in the future. This news was well received by the markets, with Wall Street and Canada’s main stock index closing up. The S&P 500, Dow Jones Industrial Average, and Nasdaq composite all saw gains. In Toronto, the S&P/TSX composite index also rose in a broad-based rally, led by utilities, telecom, and technology stocks. The top performers on the TSX were Brookfield Infrastructure Partners LP., Centerra Gold Inc., and Dye and Durham Ltd. In other news, Canada’s government plans to slow down the increases in its immigration targets due to concerns about housing shortages. The government aims to welcome 485,000 permanent residents next year and 500,000 in 2025. Starting in 2026, the government will stabilize immigration levels at a record half a million. This decision not to raise annual targets for the first time in a decade reflects concerns about population growth overwhelming housing and infrastructure resources.
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