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Bank of Canada Rate Decision Countdown: What to Expect on July 15

  Published July 4, 2026 In eleven days, the Bank of Canada will make its fifth interest rate call of 2026. If you've got a mortgage renewing, a variable rate that moves with the Bank's decisions, or savings sitting in a high-interest account, this is the date to have circled. Here's where things stand heading into July 15, and what the smart money is expecting. Where the rate sits right now The Bank of Canada has held its policy rate at 2.25% since its last two decisions, with the Bank Rate at 2.50% and the deposit rate at 2.20%. The July 15 announcement, released at 9:45 a.m. ET, will also come with a full Monetary Policy Report, since the Bank publishes its detailed economic projections quarterly alongside the January, April, July, and October decisions. Why most economists expect another hold The case for standing pat comes down to two forces pulling in opposite directions: Inflation is running hot, but mostly for one reason. Canada's headline inflation rate jumped...
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Suspected Houthi Rebel Missile Sets Cargo Ship Ablaze in Gulf of Aden

 

On Thursday, a suspected missile attack by Yemen’s Houthi rebels ignited a ship in the Gulf of Aden, while simultaneously, Israel intercepted what appeared to be another Houthi attack near the port city of Eilat.

In the Gulf of Aden, two missiles were fired, leaving an unnamed ship ablaze. The British military’s United Kingdom Maritime Trade Operations center confirmed the incident but provided no further details about the vessel. However, ship-tracking data analyzed by The Associated Press identified the burning vessel as the Palau-flagged cargo ship Islander. This ship had been en route from Thailand to Egypt and had previously sent out messages indicating “SYRIAN CREW ON BOARD” in an attempt to avoid being targeted by the Houthis.

Meanwhile, sirens blared over Eilat early Thursday morning, followed by videos posted online showing what appeared to be an interception in the sky. The Israeli military later clarified that the interception was carried out by its Arrow missile defense system. Although the origin of the fire remains undisclosed, the Arrow system is designed to intercept long-range ballistic missiles while they are still in space.

These attacks occur amidst escalating tensions between the Houthi rebels and Israel. The Houthis have intensified their assaults in response to Israel’s ongoing war against Hamas in the Gaza Strip. Eilat, situated on the Red Sea, is a crucial port city for Israel. In October, the Houthis first claimed a missile-and-drone barrage targeting Eilat, but these attacks have caused no damage in the city.

Since November, the rebels have repeatedly targeted ships in the Red Sea and surrounding waters, jeopardizing trade routes between Asia, the Middle East, and Europe. These vessels often have tenuous or unclear links to Israel, making them vulnerable to Houthi attacks. Notably, some of these ships have carried cargo bound for Iran, the Houthis’ primary supporter.

While the Houthis have not immediately claimed responsibility for either attack, they typically acknowledge their actions hours after conducting them. As the situation unfolds, the international community closely monitors the volatile region, where geopolitical tensions continue to simmer.


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