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Good evening, let’s start with today’s top stories:

Bank of Canada eyes benchmark rate of 3 per cent or higher

The Bank of Canada is signalling that it may need to raise its policy interest rate to 3 per cent or higher to head off rising inflation.

Bank officials have previously said they intend to get the benchmark rate to a “neutral” level of between 2 per cent and 3 per cent relatively quickly. In a speech today, deputy governor Paul Beaudry said there is a growing probability that the central bank will need to move to the top end of this range or above.

The remarks come a day after the bank announced its second consecutive half-point interest rate hike, bringing the benchmark rate up to 1.5 per cent, and said that it is prepared to “act more forcefully if needed.”

Read more: Former finance minister Bill Morneau criticizes the Liberals’ economic policies in his first public speech since leaving politics.

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Polls open in Ontario

It’s election day in Ontario, with polls open until 9 p.m. EDT. It was a rocky start for some voters as computer systems were down this morning at several polling stations across the province, but the issue has since been resolved. Polls have suggested the Progressive Conservatives led by Doug Ford are poised to form a second majority government. You can follow The Globe’s live coverage throughout the day until there’s a result.

Here’s what you need to know about the PC, NDP, Liberal and Green leaders, the party platforms, campaign staff and more.

Read more: 10 ways to make Canada’s health care system better, faster and more cost-effective right now.

Queen’s Platinum Jubilee festivities begin

Britain's Queen Elizabeth, Prince Charles and Catherine, Duchess of Cambridge, along with Princess Charlotte and Prince Louis appear on the balcony of Buckingham Palace as part of Trooping the Colour parade during the Queen's Platinum Jubilee celebrations in London on June 2, 2022.HANNAH MCKAY/Reuters

A four-day celebration of the Queen’s Platinum Jubilee kicked off today, as a military parade marked her 70-year reign and tens of thousands of well-wishers jammed streets across central London.

The 96-year-old queen was joined by her son and heir Prince Charles and other senior royals on the balcony of Buckingham Palace. Notably absent were her second son, Prince Andrew, and grandson, Prince Harry. The palace announced later that Prince Andrew had tested positive for COVID-19 and would not attend a service of thanksgiving tomorrow. Prince Harry, who has stepped down from royal duties, watched the parade but not the balcony, with only “working” members of the family present.

Here’s what else you can expect in the coming days.

In photos: Beaming Queen waves to crowds as Platinum Jubilee celebrations begin

Opinion: Why does the Royal Family remain? The better question is, what does Britain even stand for any more? - Tom Rachman

ALSO ON OUR RADAR

The latest on the war in Ukraine: Russia tightened its grip on a key target in a battle for control of Ukraine’s eastern Donbas region while President Volodymir Zelensky pleaded for more Western arms to help Ukraine reach an “inflection point” and prevail in the war. On the eve of 100th day of the invasion, he said Russian forces now occupied about a fifth of Ukrainian territory.

Former Ottawa police chief testifies: The convoy protest that took over main arteries of downtown Ottawa this winter represented an unprecedented national security crisis and a major shift in the way that demonstrations are organized, funded, executed and responded to in Canada, former Ottawa Police chief Peter Sloly told a House of Commons committee today.

China harassing aircraft, Canada says: Canada’s military has accused Chinese warplanes of harassing its patrol aircraft as they monitor North Korea sanction evasions, sometimes forcing Canadian planes to divert from their flight paths.

Detained airline crew seeks urgent help: A Canadian airline crew is pleading for help from Ottawa after being detained and now forced to remain in the Dominican Republic for nearly two months since reporting contraband on board their aircraft.

Hoggard jury deadlocked: Jurors in the sexual assault trial of Canadian musician Jacob Hoggard have been told to keep deliberating after indicating they are unable to reach a unanimous agreement on some counts.

More jail time for Avenatti: Michael Avenatti, the California lawyer who once took on then-President Donald Trump, has been sentenced to four years in prison for defrauding his best-known former client, porn actress Stormy Daniels. He is currently serving a 2½-year sentence for trying to extort Nike.

The Decibel: While the court battle between Johnny Depp and Amber Heard became a media circus, it also brought to light the very real issue of intimate partner violence. In today’s podcast episode, The Globe’s Robyn Doolittle is joined by sociologist Nicole Bedera to discuss the implications of the case and what it means to the broader conversation about #MeToo.

MARKET WATCH

Global equity markets rose today after lower-than-expected private payrolls data stirred hopes that the U.S. economy was likely cooling and the Federal Reserve might be persuaded to modify its aggressive stance on interest rates and inflation. Canada’s main stock index closed higher, led by gains in the materials, industrials and technology sectors, with a weaker greenback helping to send commodity prices higher.

The Dow Jones Industrial Average rose 435.05 points or 1.33 per cent to 33,248.28, the S&P 500 gained 75.99 points or 1.84 per cent to 4,176.82, and the Nasdaq Composite added 283.84 points or 2.37 per cent to end at 12,278.30.

The S&P/TSX Composite Index gained 318.09 points or 1.54 per cent to 21,031.81. The loonie traded at 79.5 U.S. cents.

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TALKING POINT

A small step – and a giant leap – in the fight against drug overdose deaths

“It is a major shift in public policy, and an attempt to try something new. Amid the tragedy of addiction and overdoses, new ideas are needed.” - Globe editorial

LIVING BETTER

With the warmer weather beckoning us outside and summer just around the corner, it’s a great time to up your picnic game. Here are three chef recipes that will give your basket bounty a refresh, including Vikram Vij’s butter chicken schnitzel.

TODAY’S LONG READ

Are ‘we will buy your house for cash!’ flyers too good to be true?

As prices in the residential real-estate market cool from recent all-time highs, homeowners looking to sell are increasingly turning for businesses that offer some sort of guarantee to buy a home. Perhaps the most ubiquitous offers are the flyers with ersatz handwriting that arrive in the mail suggesting “cash deals” with “no banks” to buy your home “as is.”

“The reason our flyers look they way they do is for the most part people read them,” said Luc Boiron, founder of Bliss Realty Inc., who has been mass-mailing flyers in Ontario for years as a way to generate leads for his home renovation, rental and flipping business. But while Mr. Boiron’s flyers say he wants to buy your home, he’s upfront about the fact that he’s only looking for deals that he can find at below-market prices.

“There’s nothing illegal, but it’s certainly not being straightforward,” said Ben Rabidoux, of Edge Realty Analytics Ltd. He had a chance to review one of these “cash buyer” offers when his elderly aunt responded to one of the flyers. In his view the language in the deal she was presented with was less a “firm offer” and more something like a “call option” in stock trading that gives the buyer the right to buy an asset at a certain time or price. Read Shane Dingman’s full story here.

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