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OTTAWA — In an unprecedented move, the Bank of Canada has announced a major increase to its key interest rate for the second time in two months, saying it is "prepared to act more forcefully" as it forecasts higher consumer prices to come this year.

NEW YORK (AP) — A swift jump in Treasury yields rattled Wall Street Wednesday, weighing down stock indexes at the start of another month in what’s been a turbulent year. The S&P 500 fell 0.7% after an early morning gain quickly vanished.

Canada is leaning toward a new era of 1970s-style stagflation as the pace of economic growth slows yet inflation remains stubbornly high, economists say. The abnormal mix of rising prices and high joblessness gripped the country 40-odd years ago.

WATERLOO, ONTARIO — BlackBerry Ltd. says it is exploring alternatives around the sale of its legacy patents as a deal with U.S.-based Catapult IP Innovations Inc. has taken longer than expected to complete.

ATLIN, B.C. — The Canada Infrastructure Bank (CIB) is committing $80 million toward the Atlin Hydroelectricity Expansion, a clean power project it says will benefit residents of the Yukon territory.

MONTREAL — Laurentian Bank of Canada reported a second-quarter profit of $59.5 million, up from $53.1 million a year ago, its most profitable quarter since 2018. The Montreal-based bank says its net income amounted to $1.

BRUSSELS (AP) — The European Union’s executive branch on Wednesday approved Poland’s pandemic recovery fund, paving the way for the release of billions of euros in grants and loans, even as lawmakers expressed deep unease about democratic backsliding

TORONTO — A new study conducted by Chartered Professional Accountants of Canada (CPA Canada) finds that 91Ô­´´s who don't own homes think home ownership remains far out of reach despite prices cooling slightly across the country.

The Bank of Canada raised its overnight rate by half a percentage point to 1.5 per cent Wednesday and signalled more increases to come, as it aims to curb out-of-control inflation, which is now at its highest level in 30 years.

WASHINGTON (AP) — The white-hot demand for U.S. workers cooled a bit in April, though the number of unfilled jobs remains high and companies are still desperate to hire more people. Employers advertised 11.