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BoC Holds at 2.25%: What the Rate Decision (and Rising Gas Prices) Mean for Your Wallet

  Thursday, July 16, 2026 Sixth consecutive hold. A weaker 2026 growth forecast. And inflation that's running hotter because of gas prices, not the usual suspects. Here's what actually changes for you. The Bank of Canada held its overnight rate at 2.25% on Wednesday, exactly as markets expected. No surprise there. What's more interesting is why it held, and what it revealed about where the economy — and your bills — are headed next. This was the sixth straight hold since the Bank finished its easing cycle back in October. But buried in the accompanying Monetary Policy Report were a few numbers worth your attention. The Numbers That Matter Overnight Rate 2.25% (unchanged) Prime Rate (typical) 4.45% 2026 GDP Growth Forecast 0.7% (cut from 1.2%) 2027 / 2028 Growth Forecast 1.8% each year May CPI Inflation 3.2% Inflation Excluding Gasoline 2.2% Unemployment Rate (June) 6.5% Next Rate Decision September 2, 2026 Why Gas Prices Are Driving This Decision Here's the twist in th...
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U.S. Retaliatory Strikes in Iraq and Syria: Dozens Killed in Escalating Tensions

 

In a significant escalation of tensions, the United States has launched retaliatory airstrikes in both Iraq and Syria. These strikes targeted more than 85 locations linked to Iran’s Revolutionary Guard (IRGC) and the militias it supports. The reported death toll stands at nearly 40 people.

The airstrikes were carried out in response to a deadly attack on U.S. troops by Iran-backed militants. President Joe Biden’s administration swiftly responded with this multi-tiered military action, signaling a firm stance against aggression. The strikes involved the use of long-range B-1 bombers flown from the United States, underscoring the seriousness of the situation.

The conflict has intensified, with implications reaching beyond Iraq and Syria. The strikes come amidst ongoing tensions in the region, including the conflict between Israel and Hamas. Iran, a key supporter of Hamas, has maintained a delicate balance, avoiding direct involvement in the regional turmoil while backing various groups across Lebanon, Yemen, Iraq, and Syria—the so-called “Axis of Resistance” that opposes Israeli and U.S. interests.

Reactions and Condemnations:

Iran: The foreign ministry spokesperson, Nasser Kanaani, labeled the U.S. attacks as “another adventurous and strategic mistake” that would only escalate tension and instability in the region.

Iraq: The Iraqi government condemned the strikes, reporting that they resulted in the deaths of 16 people, including civilians
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Syria: Rami Abdulrahman, director of the Syrian Observatory for Human Rights, confirmed that 23 people guarding the targeted locations lost their lives in Syria.

Despite these retaliatory actions, the Pentagon maintains that it does not seek war with Iran. It believes Tehran shares this sentiment, even as pressure mounts on President Biden to respond decisively. As the situation unfolds, the world watches closely, aware that the stakes are high and the consequences far-reaching.

In this volatile landscape, the question remains: Can diplomacy prevail, or will the cycle of violence continue? Only time will tell, but the recent strikes serve as a stark reminder of the fragility of peace in the Middle East.

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