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Are We in a Recession? Predictions, Signs and Strategies

Investing 13 Mins Read

‘Never miss out on an opportunity like a recession’ — Jack Welch, former chairman and CEO of General Electric.

US President Donald Trump’s plans to overhaul the current global trade structure through sweeping tariffs have once again ignited recession fears. With both businesses and consumers considering pulling back on spending if costs rise, many economists are forecasting a higher risk of a deep economic downturn.

Goldman Sachs’ (NYSE:GS) seesaw recession predictions on April 9 are a clear indication that much remains unclear when it comes to the possible implications for the US economy. That day, the firm forecasted a GDP loss of 1 percent in 2025 and a 65 percent probability of a recession in the next 12 months.

However, within an hour, Trump announced a 90 day pause on his reciprocal tariffs and the group returned to its previous non-recession baseline forecast, with GDP growth of 0.5 percent and a 45 percent probability of recession.

Goldman Sachs isn’t alone in its reluctance to say a recession is in the cards. During an April 14 Fox Business interview, Bank of America (NYSE:BAC) CEO Brian Moynihan said his firm does not expect to see a recession in 2025, although he acknowledged that BoA did lower its GDP forecast for the year and that continued uncertainty around tariffs could change its outlook.

However, others believe the country has already entered a recession.

“I think we’re very close, if not in, a recession now,” Blackrock (NYSE:BLK) CEO Larry Fink told CNBC during an April 11 interview. “I think you’re going to see, across the board, just a slowdown until there’s more certainty. And we now have a 90-day pause on the reciprocal tariffs — that means longer, more elevated uncertainty.”

So — are we in a recession? Even though nailing down an answer is tricky, investors educate themselves on what a recession is, how long they last and what strategies may work well during these difficult economic periods.

In this article

    What is a recession?

    When a country’s economic activity experiences a serious and persistent decline over an extended period, often over two consecutive quarters, economists often call it a recession. Recessions involve a broad array of economic sectors, not just a decline among one or two industries.

    Some of the key indicators of a recession include rising unemployment levels, negative GDP, stock market selloffs and falling manufacturing data, as well as declining consumer confidence as evidenced by dropping retail sales.

    Answering the question of whether we’re in a recession is difficult because so many factors are at play — while one expert might weigh GDP declines heavily in their analysis, another might feel other elements are more important.

    Watch the video from mid-2023 below to get a sense of why getting a consensus on whether we’re in a recession can be tough.

    Experts Rick Rule, Adrian Day and Mike Larson explain why it’s hard to get an answer on whether the US is in a recession.

    What causes a recession?

    Forbes lists a number of catalysts that can spark a recession: sudden economic shock, excessive debt (think the US mortgage debt crisis that fueled the Great Recession in 2008), asset bubbles, uncontrolled inflation (which leads central banks to raise interest rates, making it more expensive to do business or pay down debts), runaway deflation and technological changes. Tariffs have also historically been linked with recession.

    How can tariffs cause a recession?

    Tariffs can cause a recession through a domino effect of increased costs, supply chain disruptions, inflationary pressures and investment uncertainty — all of which can bring about massive layoffs in critical sectors of the economy.

    Economic historians, such as Dr. Phillip Magness of the Independent Institute, have pointed to the worsening of the Great Depression following the passing of the Smoot-Hawley Tariff Act of 1930 as offering a potent warning about the potential outcome of the sweeping tariffs being enacted under US President Trump.

    Watch the video below to learn more about the potential for tariffs to spark a recession and why investors are looking to gold for safety.

    Magness said there’s still a chance to avoid a recession if Trump reverses course on his tariff policy.

    Are there signs before a recession?

    What are the telltale signs that warn of a recession in advance? Much like accurately forecasting the weather, making any sort of economic forecast is difficult. But there are certain signals economists look out for.

    Aside from the previously mentioned slumping GDP and falling copper prices, one of the most prominent harbingers of a looming recession is an inverted bond yield curve.

    “The bond market can help predict the direction of the economy and can be useful in crafting your investment strategy,” Investopedia states. “This metric — while not a guarantee of future economic behavior — has a strong track record.”

    In addition, declining unemployment figures, shrinking industrial output, falling retail sales and dramatic stock market selloffs are often considered classic indicators of a potential recession.

    Will there be a recession in 2025?

    Forecasting recessions can be tricky. There are extenuating circumstances that may allow for a reversal of fortunes before a deeper recession takes hold, but in the meantime many historical recession signals are currently flashing red.

    Newsweek has cited a number of US economists who identified five critical recession indicators on display, including declining consumer confidence, increasing credit card late payments and defaults, higher business and trade policy uncertainty, and rising inflation expectations.

    ‘The layoff cycle is indeed accelerating into 2025,’ she said. ‘The biggest determination of prices (for goods and services) that can or cannot be paid is what your paycheck is. What we’re seeing is average weekly earnings have stagnated starting in December, and have begun to fall on an inflation adjusted basis.’

    DiMartino Booth sees the central bank potentially cutting rates four to five times in 2025.

    Is Warren Buffett predicting a recession?

    Warren Buffett is not known for his direct forecasts. In fact, he’s likely to say, “Nothing is sure tomorrow, nothing is sure next year and nothing is ever sure, either in markets or in business forecasts, or in anything else.” For that reason, his investment decisions are often read like tea leaves by market watchers looking for signs on where to invest.

    So when the Oracle of Omaha called tariffs ‘an act of war to some degree’ during a March 2025 CBS interview, it was not a good sign. Market watchers will certainly be on the lookout for new clues when Buffet speaks to shareholders at Berkshire Hathaway’s (NYSE:BRK.A,NYSE:BRK.B) annual meeting in May.

    Another move by Buffett that’s being interpreted as a recession signal? Berkshire Hathaway’s decision to sell off of US$134 billion in equity positions in 2024 in order to beef up its cash holdings, which came in at a record US334 billion as of March 2025.

    How long do recessions last?

    Recessions are considered a part of the normal expansions and contractions of the business cycle.

    While not as catastrophic as depressions, recessions can last for several months and even years, with significant consequences for governments, companies, workers and investors. Each of the four global recessions since World War II lasted about one year.

    That said, there have been a few short-lived recessions in the US, including the 2020 pandemic recession. Stock markets around the world crashed at the onset of the COVID-19 outbreak. A record 20.5 million jobs were lost in the US alone in April 2020 as the nation’s unemployment rate reached 14.7 percent.

    The Fed responded by cutting interest rates, and the US federal government issued trillions of dollars in financial aid to laid-off workers and impacted businesses. By October 2020, US GDP was up 33.1 percent, marking an end to the recession.

    What sectors are hardest hit by a recession?

    Businesses often tighten their belts during recessions by postponing expansion plans, reducing worker hours and benefits or laying off employees. Those same workers are the consumers who play a vital role in the strength of a nation’s economic activity.

    With less disposable income, consumers stop spending on large appliances, vehicles, new homes, evenings out and vacations. The focus shifts to low-priced necessities, food and medical needs. Declining consumer spending and demand for goods and services pushes the economy into a deeper recession, resulting in more layoffs and rising unemployment. Small- and medium-sized business owners may even find themselves unable to operate entirely.

    Typically, retail, manufacturing, restaurants, technology, travel and entertainment are hit the hardest during a recession. The real estate and mortgage lending sectors may also feel the pain.

    As the recession worsens, some homeowners may not be able to pay their mortgages and could face defaults, which can bring further downward pressure on real estate prices. Those still shopping for a home or new car may find that banks have instituted much tighter lending policies on mortgages and car loans.

    Meanwhile, investors can lose money as their stock holdings and real estate assets lose their value. Retirement savings accounts linked to the stock market can also suffer.

    All of these forces can contribute to a deflationary environment that leads central banks to cut interest rates in an effort to stimulate the economy out of a recession.

    How to prepare for a recession?

    There is no perfect answer for how to invest during a recession, and no stock remains recession-proof. But for those who know how to practice due diligence through fundamental analysis, recessions do offer an opportunity to pick quality stocks at a discount.

    “The stock market is the only store where when things go on sale, everyone runs out the door. You don’t want to be one of those people,” said Shawn Cruz, head trading strategist at TD Ameritrade. “So if you have a long term focus and some specific names you’re looking at, this is a good time to pick up some quality shares for your portfolio.”

    It’s better to look at well-established publicly traded companies with strong balance sheets and minimal debt that still have the ability to generate cash and pay dividends. Companies to avoid include those with high debt loads and little cashflow, as they have a difficult time managing operating costs and debt payments during recessions.

    Danielle DiMartino Booth advises investors to watch the data closely if they want to stay ahead of the curve, particularly payroll levels, layoff announcements, bankruptcies and store closures.

    Industry matters, too. As mentioned, real estate, retail, manufacturing, restaurants, technology, travel and entertainment are hit the hardest during a recession. On the other hand, stocks in the consumer staples (food and beverage, household goods, alcohol and tobacco) and healthcare (biotech and pharmaceutical) sectors tend to do well in recessionary environments.

    Inventors can further mitigate the risks that a recession brings by building a diversified portfolio that considers stocks across varying sectors and geographic regions. Rather than investing in individual stocks, exchange-traded funds with low management fees are another way to spread risk. The Vanguard Consumer Staples ETF (ARCA:VDC) and the Consumer Staples Select Sector SPDR Fund (ARCA:XLP) are two examples to consider.

    Should I wait to invest until after a recession?

    This question brings us back to the quote from General Electric’s Welch that’s cited at the beginning of this article. For long-term investors who understand the popular adage, “buy low, sell high,” a recession and its impact on share prices offers up those ‘buy low’ opportunities. That’s because all things come to an end, even recessions, and when that happens those who bought the dip will be well positioned to benefit from the rebound.

    That said, due diligence never goes out of style. Not all companies will make it through a market downturn unscathed. To truly see returns from this investment strategy it’s critical to look for companies with strong balance sheets, experienced management and a history of performing well in bear markets. Opting for revenue-generating and dividend-paying stocks over growth stocks during a recession is another smart play.

    Overall, experts advise that it’s not necessary to avoid investing during a recession.

    “While (recessions) can be challenging for returns and growing wealth, we also see countercyclical rallies and the market is always forward-looking, so the keys are to remain fully invested, not be whipsawed by short-term market gyrations and to keep (focused) on your long-term goals,” Rajesh Nakadi, head of investments of the Global Family Office at BNY Mellon Wealth Management, told Forbes.

    Danielle DiMartino Booth advises investors to focus on companies’ ability to maintain dividends and cash flow during this period, meaning defensive plays that pay dividends and are able to increase their payrolls are a worth a look.

    What assets can hold their value in a deep recession?

    For long-term investors looking to ride out the worst recessions, stocks and high-yield bonds are best avoided. Safer assets that have historically performed well during recessions include government bonds, managed futures, gold and cash.

    It should be noted that while 10 year US Treasury bonds have an excellent reputation as a reliable safe haven asset, nothing is without risk. In early April 2025, following another round of tariffs announced by Trump, an unprecedented number of sellers, including foreign governments, ditched their US bond holdings, resulting in rising bond yields. Although yields fell a few days later, uncertainty in the bond market remains.

    “There is clearly still a lot of concern over this highly unusual rise in Treasury yields at a time of equity market weakness and global concern over recession,” said Douglas Porter, chief economist at Bank of Montreal. “Notably, the backup in yields was mostly driven by rising real yields and not higher inflation premiums … indicating a more fundamental drop in demand.”

    If you’ve parked your dollars in actual dollars, i.e. cash, instead of the stock market or bonds, the value is not being erased by declining stock prices. The ‘cash is king’ mantra speaks to the importance of keeping liquid assets on hand during a recession.

    Along that same vein, gold has earned its safe-haven status because it is a physical asset that holds its value and can be easily liquidated.

    One last thought — don’t move all your wealth into gold or cash. A diversified portfolio is still the best hedge against a recession.

    Which stocks do well after a recession?

    Once the economy is in the recovery stage and consumer confidence begins to improve, the best performing stocks in the market tend to be tied to the technology, financial, consumer discretionary, industrial, material and energy sectors.

    The consumer discretionary (i.e. cars and appliances), material and industrial segments “are known as cyclicals, because they are closely tied to the fortunes of the economy,” the Royal Bank of Canada (TSX:RY,NYSE:RY) states. The bank explains that once demand improves, manufacturers will begin using up their inventory and will in turn “need to order metal, chemicals and other materials to create more goods to sell.”

    Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

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    Investing

    Trump Takes Aim at China with Deep-Sea Mining Nod, Looks to Boost Critical Minerals

    Investing 5 Mins Read

    Continuing his administration’s push toward reducing US reliance on Chinese mineral imports, President Donald Trump has signed a new executive order to fast track processes for deep-sea mining.

    The release highlights nickel, cobalt, copper, manganese, titanium and rare earths as strategic minerals key to both national security and economic prosperity, saying that deep-sea mining may provide increased access.

    The April 24 announcement from Trump came a day after Secretary of the Interior Doug Burgum outlined potential plans for the government to invest in US companies that mine and process critical minerals.

    Speaking at a conference put together by the Hamm Institute for American Energy, Burgum said there may be a need for “equity investment in each of these companies that’s taking on China in critical minerals.”

    He discussed a multifaceted strategy that could include the creation of a sovereign wealth fund, government-backed sovereign risk insurance and a national stockpile of critical minerals.

    “We should be taking some of our balance sheet and making investments,” Burgum told reporters last week. “Why wouldn’t the wealthiest country in the world have the biggest sovereign wealth fund?”

    What’s at stake for the US?

    These efforts to reposition America’s mineral supply chain come amid the country’s escalating trade war with China, which has tightened its grip on the global critical minerals market.

    Currently, China produces or refines a dominant share of 20 key raw materials used in essential technologies — from semiconductors and electric vehicle batteries to missile guidance systems and wind turbines.

    According to the US Geological Survey, the US was 100 percent reliant on imports for 15 critical minerals in 2024, and approximately 70 percent of its rare earths came from China the year before.

    China’s latest retaliation — a new wave of export controls on rare earth elements in response to US tariffs — has only intensified concerns about supply chain vulnerability.

    “We have to get back in the game,” Burgum urged in the same conference.

    “It’s not just drill, baby, drill. It’s mine, baby, mine. If we don’t do that as a country, we will not be successful. We will literally be at the mercy of others that are controlling our supply chains.”

    Building a domestic safety net for America

    To offset both economic and geopolitical risks, Burgum laid out three key proposals under consideration:

    1. Sovereign wealth fund — A mechanism to allow the US to take equity stakes in domestic mining and processing firms, particularly those struggling to compete with Chinese state-backed entities.
    2. Sovereign risk insurance — A federal insurance program to reimburse companies in the event that a future administration cancels approved projects.

    Burgum asserted that the three combined would put the US “in the game around critical minerals,” and said the administration is currently “working on all three.”

    Opening the ocean floor to mining

    Trump’s executive order directs federal agencies to expedite permitting under the Deep Seabed Hard Mineral Resources Act and the Outer Continental Shelf Lands Act. In addition to that, it instructs agencies to identify mineral-rich regions, facilitate exploration and map seabed areas for priority development.

    Notably, the move bypasses the ongoing regulatory negotiations at the International Seabed Authority (ISA), a United Nations body tasked with setting global standards for ocean floor mining.

    “The United States has a core national security and economic interest in maintaining leadership in deep sea science and technology and seabed mineral resources,” Trump states in the order.

    Officials say US waters hold over 1 billion metric tons of seabed mineral deposits, including copper, cobalt, manganese and nickel — essential materials for renewable energy technologies and military applications.

    However, the move has been met with sharp criticism from environmental groups and international regulators, which have long warned of the untested ecological risks of deep-sea mining.

    “We condemn this administration’s attempt to launch this destructive industry on the high seas in the Pacific by bypassing the United Nations process,” said Greenpeace USA’s Arlo Hemphill in a statement.

    “This is an insult to multilateralism and a slap in the face to all the countries and millions of people around the world who oppose this dangerous industry,’ he continues in the April 25 release.

    The ISA, created under the 1982 United Nations Convention on the Law of the Sea — which the US has not ratified — has been working to establish a regulatory framework before any commercial deep-sea mining begins.

    It is still deliberating rules on how to balance environmental concerns with mineral exploitation, with ISA Secretary-General Leticia Carvalho expressing hope that a global consensus can be reached by the end of 2025.

    Mining companies mobilize amid US critical minerals push

    Mining and energy companies are moving swiftly to capitalize on the Trump administration’s push to expand domestic production of rare earths and other critical minerals.

    MP Materials (NYSE:MP), the operator of the only active rare earths mine in the US, reported a surge in interest from manufacturers after China imposed new export restrictions. The company has halted shipments of unprocessed ore to China, citing steep tariffs, and is ramping up efforts to process materials domestically.

    NioCorp Developments (NASDAQ:NB) has welcomed the White House’s call to streamline permitting, which coincides with its plans to accelerate its Nebraska-based Elk Creek critical minerals project.

    In the lithium space, oil giants like ExxonMobil (NYSE:XOM) and Occidental Petroleum (NYSE:OXY) are clashing over production rights in Arkansas’ Smackover Formation, one of the country’s richest potential lithium sources.

    Exxon subsidiary Saltwerx recently won regulatory approval to develop a 56,000 acre lithium unit, a move it said could unlock the domestic industry and bolster US energy security.

    At sea, The Metals Company (NASDAQ:TMC) is seeking permits under a decades-old US law to mine polymetallic nodules from the Pacific seabed, pointing to renewed political will.

    Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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    Investing

    FPX Nickel Announces Board and Management Changes

    Investing 5 Mins Read

    FPX Nickel Corp. (TSX-V: FPX) (OTCQB: FPOCF) (‘ FPX ‘ or the ‘ Company ‘) is pleased to announce the appointment of Dan Apai, P. Eng., as the Company’s Vice President, Projects effective May 1, 2025 . Mr. Apai succeeds Andrew Osterloh who will be departing his role as a Company employee on May 9, 2025 . Further, the Company is pleased to announce that Mr. Osterloh will be nominated for election as a Board member at the Company’s annual general meeting to be held on June 26, 2025 .

    Martin Turenne , President and CEO of FPX stated, ‘On behalf of the Board of Directors, I would like to thank Andrew for his dedication and service to the Company. During Andrew’s tenure and under his leadership, the Company has significantly improved the development basis for the Baptiste Nickel Project, including progressing technical maturity in the areas of metallurgy, engineering, and execution planning. We are grateful for his efforts and wish him the very best going forward.’

    Mr. Turenne continued, ‘I am delighted to welcome Dan to our senior management team. Dan has been a valuable contributor since he joined the Company in January 2023 as our Engineering Manager. Dan brings a wealth of knowledge from prior experience developing and commissioning multiple large-scale projects and his deep familiarity with Baptiste will ensure a smooth transition as we further advance the Project.’

    ‘We are very happy to welcome Andrew to the FPX Board,’ commented the Company’s Chairman, Peter Bradshaw . ‘Andrew has demonstrated exceptional leadership in progressing Baptiste through the development of the prefeasibility and refinery studies. His deep understanding of the Project and strategic insights will be a significant asset to our Board. We look forward to his contributions as a Board member to the Company’s continued success.’

    Mr. Osterloh joined FPX in June 2021 , bringing with him extensive experience from project management roles at Fluor Canada and site operations positions at several notable mining projects, including Eskay Creek (that is now being redeveloped by Skeena Gold & Silver) and Huckleberry, operated by Imperial Metals, both located in British Columbia . Mr. Osterloh will be assuming the role of VP, Engineering & Construction at Skeena Gold & Silver, as the Company undertakes redevelopment of the Eskay Creek Project.

    Mr. Apai, the Company’s Engineering Manager since January 2023 , has over twenty years’ mining industry experience in civil engineering and engineering management over a diverse range of projects. As Principal Civil Engineer for Fluor Canada, he led study and detailed engineering works for numerous large-scale mining projects for clients including Teck, Newmont, BHP, First Quantum, Glencore, Josemaria Resources, and Newcrest. Dan’s technical expertise includes site layout, earthworks, water management, linear facilities (i.e., roads, powerlines, pipelines), and water supply systems – all elements that strongly influence the capital intensity, permitability, and operability of mining projects. Mr. Apai is a Member of the Association of Professional Engineers of British Columbia and holds a Bachelor of Engineering from the University of Western Australia .

    About the Baptiste Nickel Project

    The Company’s Baptiste Nickel Project represents a large-scale greenfield discovery of nickel mineralization in the form of a sulphur-free, nickel-iron mineral called awaruite (Ni 3 Fe) hosted in an ultramafic/ophiolite complex. The absence of sulphur and our ability to connect to the BC Hydro grid means that Baptiste has the potential to be one of the lowest carbon-intensive nickel producers in the world and will produce a very high grade product that does not required any intermediate smelting or complex refining. The Baptiste mineral claims cover an area of 453 km 2 west of Middle River and north of Trembleur Lake, in central British Columbia . In addition to the Baptiste Deposit itself, awaruite mineralization has been confirmed through drilling at several target areas within the same claims package, most notably at the Van Target which is located 6 km to the north of the Baptiste Deposit. Since 2010, approximately US$55 million has been spent on the exploration and development of Baptiste.

    FPX has conducted mineral exploration activities to date subject to the conditions of agreements with First Nations and keyoh holders.

    About FPX Nickel Corp.

    FPX Nickel Corp. is focused on the exploration and development of the Baptiste Nickel Project, located in central British Columbia , and other occurrences of the same unique style of naturally occurring nickel-iron alloy mineralization known as awaruite. For more information, please view the Company’s website at https://fpxnickel.com/ or contact Martin Turenne , President and CEO, at (604) 681-8600 or ceo@fpxnickel.com .

    On behalf of FPX Nickel Corp.

    ‘Martin Turenne’
    Martin Turenne , President, CEO and Director

    Forward-Looking Statements

    Certain of the statements made and information contained herein is considered ‘forward-looking information’ within the meaning of applicable Canadian securities laws. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed in the Company’s periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.

    Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

    SOURCE FPX Nickel Corp.

    View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2025/29/c3955.html

    News Provided by Canada Newswire via QuoteMedia

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    Cardiol Therapeutics Nominates Dr. Timothy Garnett to Its Board of Directors

    Investing 6 Mins Read

    Former Chief Medical Officer of Eli Lilly brings more than thirty years of pharmaceutical industry experience

    Cardiol Therapeutics Inc. (NASDAQ: CRDL) (TSX: CRDL) (‘Cardiol’ or the ‘Company’), a clinical-stage life sciences company focused on developing anti-inflammatory and anti-fibrotic therapies for the treatment of heart disease, today announced that pharmaceutical industry veteran Timothy J. Garnett, M.D., has been nominated to stand for election to the Company’s Board of Directors at its 2025 Annual General Meeting of shareholders to be held on May 28, 2025.

    Dr. Garnett is a distinguished pharmaceutical industry executive with over 30 years’ experience, including two decades at Eli Lilly and Company, where he served as Chief Medical Officer from 2008 until his retirement in 2021. During his tenure at Eli Lilly, he led the successful development of therapeutics in women’s health, endocrinology, and neuroscience, resulting in multiple global commercial launches. Dr. Garnett has played a key role in the successful development of numerous drugs across both early- and late-stage clinical development. He has broad experience leading clinical development, portfolio management, medical affairs, regulatory strategy, and safety functional areas, and has a strategic understanding of the evolving metabolic therapy landscape.

    ‘We are pleased to nominate Dr. Garnett for election to our Board of Directors, as we mark a significant milestone with the recent initiation of patient enrollment in our pivotal Phase III MAVERIC trial,’ stated Guillermo Torre-Amione, M.D., Ph.D., Chair of Cardiol Therapeutics. ‘Dr. Garnett brings a wealth of industry experience and strategic vision, along with exceptional expertise in clinical development. His proven track record in guiding several drugs through regulatory approval and successful commercial launch will be instrumental in achieving our goal of making a meaningful difference for people living with underserved heart disease.’

    Dr. Garnett currently serves as Chair of Ophirex and a Director of MapLight Therapeutics. In addition, he is a member of the Advisory Panel of Cambridge Innovation Capital and an equity partner at Recode Health Ventures LLC. Dr. Garnett holds a Bachelor of Medicine and Bachelor of Surgery (MBBS) from St. George’s, University of London. He is a Fellow of both the Faculty of Pharmaceutical Medicine (FFPM), and the Royal College of Obstetricians and Gynaecologists (FRCOG).

    About Cardiol Therapeutics

    Cardiol Therapeutics Inc. (NASDAQ: CRDL) (TSX: CRDL) is a clinical-stage life sciences company focused on developing anti-inflammatory and anti-fibrotic therapies for the treatment of heart disease. The Company’s lead small molecule drug candidate, CardiolRx (cannabidiol) oral solution, is pharmaceutically manufactured and in clinical development for use in the treatment of heart disease. It is recognized that cannabidiol inhibits activation of the inflammasome pathway, an intracellular process known to play an important role in the development and progression of inflammation and fibrosis associated with myocarditis, pericarditis, and heart failure.

    Cardiol has received Investigational New Drug Application authorization from the United States Food and Drug Administration (‘US FDA’) to conduct clinical studies to evaluate the efficacy and safety of CardiolRx in two diseases affecting the heart: recurrent pericarditis and acute myocarditis. The MAVERIC Program in recurrent pericarditis, an inflammatory disease of the pericardium which is associated with symptoms including debilitating chest pain, shortness of breath, and fatigue, and results in physical limitations, reduced quality of life, emergency department visits, and hospitalizations, comprises the completed Phase II MAvERIC-Pilot study (NCT05494788) and the ongoing Phase III MAVERIC trial (NCT06708299). The ongoing ARCHER trial (NCT05180240) is a Phase II study in acute myocarditis, an important cause of acute and fulminant heart failure in young adults and a leading cause of sudden cardiac death in people less than 35 years of age. The US FDA has granted Orphan Drug Designation to CardiolRx for the treatment of pericarditis, which includes recurrent pericarditis.

    Cardiol is also developing CRD-38, a novel subcutaneously administered drug formulation intended for use in heart failure – a leading cause of death and hospitalization in the developed world, with associated healthcare costs in the United States exceeding $30 billion annually.

    For more information about Cardiol Therapeutics, please visit cardiolrx.com.

    Cautionary statement regarding forward-looking information:

    This news release contains ‘forward-looking information’ within the meaning of applicable securities laws. All statements, other than statements of historical fact, that address activities, events, or developments that Cardiol believes, expects, or anticipates will, may, could, or might occur in the future are ‘forward-looking information’. Forward-looking information contained herein may include, but is not limited to statements regarding the Company’s focus on developing anti-inflammatory and anti-fibrotic therapies for the treatment of heart disease, the Company’s intended clinical studies and trial activities and timelines associated with such activities, including the Company’s plan to complete the Phase III study in recurrent pericarditis with CardiolRx, and the Company’s plan to advance the development of CRD-38, a novel subcutaneous formulation of cannabidiol intended for use in heart failure. Forward-looking information contained herein reflects the current expectations or beliefs of Cardiol based on information currently available to it and is based on certain assumptions and is also subject to a variety of known and unknown risks and uncertainties and other factors that could cause the actual events or results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, and are not (and should not be considered to be) guarantees of future performance. These risks and uncertainties and other factors include the risks and uncertainties referred to in the Company’s Annual Information Form filed with the Canadian Securities Administrators and U.S. Securities and Exchange Commission on March 31, 2025, available on SEDAR+ at sedarplus.ca and EDGAR at sec.gov, as well as the risks and uncertainties associated with product commercialization and clinical studies. These assumptions, risks, uncertainties, and other factors should be considered carefully, and investors should not place undue reliance on the forward-looking information, and such information may not be appropriate for other purposes. Any forward-looking information speaks only as of the date of this press release and, except as may be required by applicable securities laws, Cardiol disclaims any intent or obligation to update or revise such forward-looking information, whether as a result of new information, future events, or results, or otherwise. Investors are cautioned not to rely on these forward-looking statements and are encouraged to read the Supplement, the accompanying Base Prospectus and the documents incorporated by reference therein.

    For further information, please contact:
    Trevor Burns, Investor Relations +1-289-910-0855
    trevor.burns@cardiolrx.com

    To view the source version of this press release, please visit https://www.newsfilecorp.com/release/250087

    News Provided by Newsfile via QuoteMedia

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    Sport

    Cavs obliterate Heat, sweep series. They were built for more than this.

    Sport 3 Mins Read

    The Cleveland Cavaliers categorically razed the Miami Heat on Monday, sweeping them in four games that looked — frankly — like the Cavs were on cruise control.

    On one hand, it was impressive. Cleveland’s 73 bench points Monday night were just 10 fewer than Miami’s entire team scored in the 138-83 victory.

    But, realistically, no one should read too much into this result.

    Simply put: the Cavaliers, the wire-to-wire No. 1 seed in the Eastern Conference, did exactly what they needed to do. Guard Donovan Mitchell shined throughout the series, center Jarrett Allen worked the paint and Ty Jerome and De’Andre Hunter ignited off the bench.

    More importantly, Cleveland ramped up its defensive intensity in the first round, with Evan Mobley — the newly-crowned Defensive Player of the Year — and Allen protecting the rim, and with wings closing out and defending the perimeter with tenacity.

    So the big question is: will the Cavs be challenged in the conference semis?

    Undoubtedly more than they were in the first round against a Heat team that rolled over, that much is clear.

    But even the Pacers — Indiana is the likely opponent, with the Bucks in a 3-1 deficit and coping with Damian Lillard’s torn left Achilles tendon — have matchup issues against Cleveland.

    The Cavs ranked ninth in the regular season in points in the paint per game (51.3), while the Pacers ranked 26th in opposing points in the paint per game (51.8).

    With Allen’s footwork and efficiency and the ability of Mitchell and guard Darius Garland — if he heals from a toe sprain — to attack the paint, Cleveland can exploit Indiana’s weakness down low.

    Indiana’s offense pushes the tempo up the court to prevent opposing defenses from getting into their sets. The Cavaliers — though not as quick as the Pacers — operate in a similar mind frame; the Pacers ranked seventh in pace (100.76), while the Cavs ranked 10th (100.31).

    But one intangible Cleveland showed against Miami was its relentless intention in finishing. That much was evident from the first play of Game 4, when Heat point guard Davion Mitchell flicked a lazy pass that Allen easily swiped and turned into a breakaway dunk. From Mitchell and Mobley and Cleveland’s other star players down to the reserves that coach Kenny Atkinson played when he emptied the bench, the Cavaliers looked to exert dominance without compromise.

    That’s what teams need to do in the playoffs.

    And while the Pacers should not be overlooked, Cleveland’s success in the regular season — the Cavs won 64 games, most since they did in 2008-09 (66) — suggests this is a team that should have an Eastern Conference championship in its sights.

    That would mean a likely date against the reigning champion Boston Celtics, the team Cleveland split four games with during the regular season.

    Boston is one of the few teams in the NBA that can compete offensively against Cleveland; the Cavaliers posted the NBA’s top offensive rating, scoring 121 points per 100 possessions, while the Celtics ranked second (119.5).

    Blowout sweeps in the first round are nice. This Cavaliers team is built to compete for far more.

    This post appeared first on USA TODAY

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    NBA says Doncic was fouled late in Lakers’ Game 4 loss

    Sport 2 Mins Read

    Minnesota Timberwolves forward Jaden McDaniels should’ve been called for a foul on Los Angeles Lakers guard Luka Doncic with 35.5 seconds left in the fourth quarter of the Timberwolves’ 116-113 victory in Game 4 on Sunday, according to the NBA’s Last Two-Minute Report released Monday.

    Minnesota had just taken a 114-113 lead, and Doncic dribbled toward half court when McDaniels’ right leg tripped Doncic, who fell to the court. No foul was called, and Doncic called timeout. On the Lakers’ next possession, LeBron James committed a turnover, leading to two made Anthony Edwards free throws.

    Doncic and Lakers coach JJ Redick were upset with the no-call, which the NBA labeled an incorrect no-call in its Last Two-Minute Report. Doncic should’ve been awarded two free throws, giving the Lakers a chance to tie or take the lead.

    “I got tripped for sure,’ Doncic told reporters.

    The league’s Last Two-Minute Report also confirmed that referees were correct in calling a foul on James during a Minnesota challenge, saying James made “illegal contact to Edwards’ left wrist.’ Instead of the Lakers gaining possession, Edwards made two free throws with 10.7 seconds remaining.

    The Timberwolves took a 3-1 lead and can win the series in Game 5 on Wednesday in Los Angeles (10 p.m. ET, TNT).

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    This post appeared first on USA TODAY

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    NBA playoffs technicals: Rockets-Warriors Game 4 had 5. What are fines?

    Sport 2 Mins Read

    There has been no shortage of technical fouls in these NBA playoffs, as emotions run high and players grow tired of the same opponents.

    There already have been small dust-ups across multiple series — the Warriors-Rockets, Knicks-Pistons, Pacers-Bucks, Nuggets-Clippers and Lakers-Timberwolves have each seen players scrap, to varying degrees.

    In particular, Monday night’s Golden State-Houston game saw multiple stoppages during which officials reviewed extracurricular activity; Rockets forward Tari Eason and guard Dillon Brooks and Warriors guard Stephen Curry and forward Draymond Green were each assessed a tech — and that was in the second quarter, alone.

    In the third quarter, the Warriors were even called for a delay of game technical foul, though that one was not assessed to any player.

    Here’s everything you need to know about how technical fouls work in the NBA playoffs:

    How do technical fouls work in the 2025 NBA playoffs?

    All technical fouls from the regular season reset at the start of the playoffs, which means that all players participating start with a clean slate. Whereas a 16th technical foul in the regular season would trigger a suspension, the number in the postseason is seven, with multiple suspensions possible with additional infractions.

    Nonetheless, there are fines and additional consequences that arise from each technical foul assessed in the postseason.

    The NBA, however, has the option to rescind technical fouls on review, as it does in the regular season.

    What is the discipline for technical fouls in the 2025 NBA Playoffs?

    • Technical fouls Nos. 1 and 2 result in a fine of $2,000 per infraction.
    • Technical fouls Nos. 3 and 4 result in a fine of $3,000 per infraction.
    • Technical fouls Nos. 5 and 6 result in a fine of $4,000 per infraction; the NBA will send a warning letter to the offending player upon reaching his fifth technical of the playoffs.
    • Technical foul No. 7 results in a fine of $5,000 and a one-game suspension.
    • Each additional technical foul results in a fine of $5,000.
    • Each two additional technical fouls — Nos. 9, 11, 13 and so on — will trigger a suspension in addition to the $5,000 fine.
    This post appeared first on USA TODAY

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    Warriors vs. Rockets: Jimmy Butler golden in chippy Game 4 win

    Sport 7 Mins Read

    The Golden State Warriors are not your typical No. 7 seed. Not with Steph Curry, Draymond Green and Jimmy Butler on the court and Steve Kerr coaching.

    The Warriors took a 3-1 series lead against the second-seeded Houston Rockets with a 109-106 victory in Game 4 of their first-round Western Conference playoffs matchup Monday.

    Butler made three free throws with 58.7 seconds remaining giving Golden State a 107-104 lead, and after Alperen Sengun cut the lead to 107-106 with a driving layup, Butler and Steph Curry missed shots.

    Houston called timeout with 13.1 seconds left and ran a play that ended with a missed shot by Sengun with Green defending. Butler collected the rebound, was fouled and made both, putting the Warriors ahead 109-106. Fred VanVleet missed a potential game-tying 3-pointer to end the game.

    The Warriors received a great offensive performance from Brandin Podziemski, who scored a playoff career-high 26 points, and Butler contributed 27 points, six assists and five rebounds after missing Game 3 with a left pelvic and deep gluteal muscle contusion. Butler was 12-for-12 on free throws.

    Buddy Hield (15 points) and Quinten Post (13 points) helped the Warriors overcome 2-for-8 3-point shooting from Curry (17 points).

    The No. 7 seed has toppled the No. 2 seed six times in the NBA playoffs and just twice since the first round moved from best-of-five to best-of-seven in 2003. It happened in 2023 when the Los Angeles Lakers beat the Memphis Grizzlies and in 2010 when the San Antonio Spurs stopped the Dallas Mavericks.

    The Rockets shot better than the Warriors from the field (49.4% to 41.9%) and on 3-pointers (47.8% to 37%) but Golden State made six more 3s, and the Rockets shot just 61.3% on 31 free throw attempts.

    Sengun scored a game-high 31 points and had 10 rebounds and five assists for the Rockets. VanVleet had 25 points, and teammate Amen Thompson added 17 points and nine rebounds.

    Catch up on the highlights from Game 4 between the Rockets and Warriors:

    Game 4 highlights: Warriors 109, Rockets 106

    3Q: Warriors 82, Rockets 80

    The Warriors opened the third quarter with an 18-1 run, took a 68-58 lead and headed into the fourth quarter ahead 82-80 and are 12 minutes from taking a 3-1 series lead against the Rockets.

    Golden State’s Brandin Podziemski had eight of his team-high 21 points in the third quarter, and Steph Curry has 14 points for the Warriors but he is just 1-for-5 on 3-pointers. Golden State’s Quentin Post has 13 points off the bench and Buddy Hield has 12 points. Jimmy Butler, who missed Game 3 with an injury, has 13 points, five assists and three rebounds.

    Alperen Sengun scored 21 points and Fred VanVleet 19 for the Rockets who are just 17-for-29 on free throws. The Warriors are 15-for-16 from the free throw line but have made four more 3-pointers than Houston.

    Halftime: Rockets 57, Warriors 50

    The second quarter was marred by reviews of two minor altercations that resulted in a flagrant foul one for Golden State’s Draymond Green and technical fouls for Green and Warriors star Steph Curry and Houston’s Dillon Brooks and Tari Eason.

    In a physical and chippy game with combustible players, the Rockets rebounded from a slow start and 12-point deficit in the first quarter to take a 57-50 lead into halftime.

    Each team has three players in double figures in points. Houston’s Fred VanVleet has a team-high 12 points followed by Brooks (11 points, five rebounds) and Alperen Sengun (10 points, six rebounds).

    Golden State’s Brandin Podziemski has a game-high 13 points, Quentin Post has 12 and Curry has 10. Green and Jimmy Butler were scoreless in the second quarter for Golden State which is shooing 38.1% from the field and 36% on 3s. Houston has made 54.1% of its shots including 7-for-11 on 3s.

    The Rockets have a 24-8 edge in points in the paint and have turned nine Warriors turnovers into 17 points.

    Draymond Green picks up flagrant foul one, still eligible to play

    Golden State’s Draymond Green was issued a flagrant foul one – and avoided his second technical foul – with 2:44 remaining in the second quarter and the Rockets leading 47-46. Houston’s Tari Eason knocked the ball away from Green and as Eason tried to collect the loose ball, Green fouled him. Both players fell to the court, and a brief tussle ensued. After another review, Green’s foul was upgraded to the flagrant foul one and Eason was given a technical foul for his actions after the foul. Had Green been given his second technical foul, he would’ve been ejected. 

    Steph Curry, Draymond Green, Dillon Brooks assessed technicals after dust-up

    Houston’s Dillon Brooks, and Golden State’s Draymond Green and Steph Curry were each given technical fouls after Brooks fouled Curry with 7:00 remaining in the second quarter and the scored tied at 36. After the foul, Curry held up two fingers to signify Brooks’ second foul. Brooks — not surprisingly — objected to Curry’s taunt and tried to swipe the ball from Curry who wasn’t happy with that. Nor was Green who got in Brooks’ face. After a video review, the refs issued the technical fouls.

    1Q: Warriors 28, Rockets 26

    Jimmy Butler retuned to the starting lineup in Game 4 after missing Game 3 with a left pelvic and deep gluteal muscle contusion, and had four points, two rebounds and one block in the first quarter, helping the Warriors to a 28-26 lead.

    Brandin Podziemski led Golden State with 10 points, and Draymond Green added six points and three rebounds. Golden State shot just 34.6% from the field and 26.7% on 3s in the opening quarter.

    Amen Thompson has a team-high eight points for the Rockets who closed the quarter strongly and are shooting 52.6% from the field.

    Rockets starting five

    • Jalen Green
    • Amen Thompson
    • Fred VanVleet
    • Dillon Brooks
    • Alperen Sengun

    Warriors starting five

    Is Jimmy Butler playing?

    Yes, Jimmy Butler will start Game 4.

    The Golden State Warriors forward remained listed as questionable on the official injury report but will coach Steve Kerr and the Warriors made the game-time decision.

    Butler missed Game 3 with a left pelvic and deep gluteal muscle contusion, an injury he sustained in the Warriors’ Game 2 loss against the second-seeded Rockets.

    What time is Warriors vs. Rockets?

    Game 4 between the Houston Rockets and Golden State Warriors will tip-off at 10 p.m. ET April 28 at the Chase Center in San Francisco, California.

    How to watch Warriors vs. Rockets playoff game: TV, stream

    • Time: 10 p.m. ET/7 p.m. PT
    • Location: Chase Center (San Francisco, California)
    • TV: TNT
    • Stream: Sling TV, Max, YouTube TV

    Watch Warriors vs. Rockets Game 4 with Sling TV

    Warriors vs. Rockets NBA playoff schedule, results

    Warriors lead series 2-1

    • Game 1: Warriors 95, Rockets 85
    • Game 2: Rockets 109, Warriors 94
    • Game 3: Warriors 104, Rockets 93
    • Game 4: Warriors 109, Rockets 106
    • Game 5: Warriors at Rockets | Wednesday, April 30, 7:30 p.m. ET | TNT
    • Game 6: Rockets at Warriors | Friday, May 2, TBD | TBD*
    • Game 7: Warriors at Rockets | Sunday, May 4, TBD | TBD*

    *if necessary

    This post appeared first on USA TODAY

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    Donald Trump endorses Eagles’ ‘tush push’ play in White House visit

    Sport 2 Mins Read

    The Super Bowl 59 champion Philadelphia Eagles have made the ‘tush push’ play popular for casual and dedicated NFL fans alike over the last few years. Fellow NFC team Green Bay proposed a ban for the play this offseason but the NFL decided to table discussions on it until May.

    Until then, the Eagles can count on support from the highest elected official in the country: President Donald Trump.

    The Eagles visited the White House on Monday, as is the tradition for the Super Bowl winner every year. While speaking in front of the players and coaches, Trump voiced his support for the tush push.

    ‘I hope they keep that play, Coach,’ Trump said, referring to Eagles head coach Nick Sirianni. ‘They’re talking about getting rid of that play, I understand. They should keep it. … I like it. It’s sort of exciting and different.’

    Trump added that he’d like the NFL to revert back to the previous kickoff format, not the one instituted in 2024.

    ‘We don’t like that kickoff where nobody’s moving,’ he said. ‘The ball’s in the air but nobody’s moving.’

    Sirianni spoke after Trump and thanked him for his support.

    ‘Thank you, Mr. President, for having us here,’ Sirianni said. ‘And we also appreciate the endorsement for the tush push.’

    Many of the starters from the Eagles’ Super Bowl-winning team were in attendance at the White House for the event. There was one notable absence: Super Bowl 59 MVP Jalen Hurts.

    Hurts was not expected to make the trip and White House officials told USA TODAY that the Eagles quarterback did not attend because of a ‘scheduling conflict.’

    All the NFL news on and off the field. Sign up for USA TODAY’s 4th and Monday newsletter.

    This post appeared first on USA TODAY

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    On air, ’60 Minutes’ reporter says ‘none of us is happy’ about changes that led top producer to quit

    Editor's pick 2 Mins Read

    “60 Minutes” correspondent Scott Pelley paid tribute Sunday to Bill Owens, the show’s executive producer who resigned last week, saying on the air that “none of us is happy” about the extra supervision that corporate leaders are imposing.

    Pelley made his comments at the end of the evening’s CBS News telecast, saying that in quitting, Owens proved he was the right person for the job.

    “It was hard on him and it was hard on us,” Pelley said. “But he did it for us — and you.”

    His on-air statement was an unusual peek behind the scenes at the sort of inner turmoil that viewers seldom get the opportunity to see.

    Owens, only the third top executive in the 57-year history of television’s most influential newscast, resigned last week, saying he no longer felt he had the independence to run the program as he had in the past, and felt necessary.

    CBS News’ parent company, Paramount Global, is in the midst of a merger with Skydance Media that needs the approval of the Trump administration. Trump has sued “60 Minutes” for $20 billion, saying it unfairly edited a Kamala Harris interview last fall to her advantage. Owens and others at “60 Minutes” believe they did nothing wrong and have opposed a settlement.

    As a result, Pelley explained to viewers on Sunday, Paramount has begun to supervise “60 Minutes” stories in new ways. Former CBS News President Susan Zirinsky, a longtime news producer, has reportedly been asked to look at the show’s stories before they air.

    “None of our stories has been blocked,” Pelley said. “But Bill felt he lost the independence that honest journalism requires. No one here is happy about it. But in resigning, Bill proved he was the right person to lead ‘60 Minutes’ all along.”

    Despite this, “60 Minutes” has done tough stories about the Trump administration almost every week since the inauguration in January, many of them reported by Pelley. On Sunday, “60 Minutes” correspondent Sharyn Alfonsi had the latest, interviewing scientists about cutbacks at the National Institutes for Health.

    Trump was particularly angered by the show’s telecast two weeks ago, saying on social media that CBS News should “pay a big price” for going after him.

    This post appeared first on NBC NEWS

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