Author: Leslie Stewart

Open this photo in gallery:The Bank of Canada has shelved plans for a central bank digital currency following pressure from banking institutions concerned about profit margins.Kate Newman/The Globe and MailClaude Lavoie is a contributing columnist for The Globe and Mail. From 2008 to 2023, he served as Director of the Economic Research and Policy Analysis Bureau at the Ministry of Finance.Ottawa’s new framework for regulating stablecoins has been welcomed by crypto advocates. Federal law would allow companies to issue lunatic-backed stablecoins, cryptocurrencies pegged to the Canadian dollar. Financial services group Tetra Digital plans to launch this early next year. The…

Consumers are still eating out, but many are ordering more appetizers instead of more expensive entrees. While food inflation and affordability dominate conversations about U.S. consumers, new restaurant purchasing data shows that even among Americans who go to restaurants, many are considering eating less.”Entree orders are up 20% year-over-year, even though entrees and desserts are mostly flat or down,” said Jim Pazanese, executive vice president of global strategic sourcing at Buyer’s Edge Platform, which tracks supply chain data within the restaurant industry. “We’re seeing changes at the item level,” he said, with some popular appetizer sales for restaurateurs seeing growth…

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Memorial area depicting pilgrims.Source: United States MintThe U.S. Mint on Wednesday unveiled a special quarter-dollar coin design to commemorate the nation’s 250th anniversary, featuring pilgrims and former presidents rather than civil rights themes that have surfaced previously.Designs considered ahead of next year’s anniversary included one focusing on abolitionist Frederick Douglass and an image depicting a woman suffragette holding a “Vote for Women” banner. Also on the list were several stories about Ruby Bridge, the first black student to integrate the school.Instead, here are the five designs that the Mint ultimately decided to spotlight on the 25 cent coin.The Pilgrims and…

In the Fed’s battle between fighting inflation and curbing unemployment, the latter held out on Wednesday, but could have an advantage heading into 2026 if labor market weakness becomes more apparent through an apparent overcount of payrolls.In the short term, concerns over the employment situation meant that the central bank voted to cut the central bank’s key interest rate by a quarter of a percentage point, albeit by a 9-3 margin. Looking ahead, there are signs that policymakers will be more likely to make further cuts if labor market conditions remain weak. Chairman Jerome Powell mentioned several times during Wednesday’s…

Commerce Secretary Howard Lutnick said Thursday that the United States should focus on admitting immigrants to help grow the economy as the White House issues long-awaited “gold card” visas.”We’re the only major country that just allows people from other countries to come into the country without vetting them and determining whether they’re really going to contribute to the American economy,” Lutnick said Thursday on CNBC’s “Squawk Box.””Let’s bring in the best of the best,” he said. “Let’s help them grow America and build America. Why do we have to take in people who are below average? It just makes no…

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Treasury Secretary Scott Bessent is proposing major changes to the government’s approach to financial regulation and stability, CNBC reported.Bessent will recommend changes to the Financial Stability Oversight Council’s approach in a letter expected to be released Thursday.The new plan will shift the agency’s focus on tougher regulation and oversight of regulators to promote deregulation and a more liberal approach.“The Board will work with and assist member institutions in considering whether aspects of the U.S. financial regulatory framework impose an undue burden, adversely affect economic growth, and thereby undermine financial stability,” the letter reads.FSOC was created in the wake of the…

Since today is both hump day and rate cut day, we reached out to senior business correspondent Christine Romans to share her report from her meeting with Chairman Jermon Powell. Her takeaway? There appears to be no silver bullet for some of the economic problems affecting everyday people. But the Fed has to do something, so we’re here. However, if you are visiting the United States from abroad and see suspicious posts on social media, you may want to reconsider your travel plans. Here’s The Scoop spoke with Julia Ainslie, who is reporting on a new social media policy that…