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Why Interest Rates Matter for Canadians

Interest rates are the single most powerful lever in Canada's economy.  When the Bank of Canada adjusts its policy rate, the effects reach every household—from the cost of carrying a mortgage to the return on a savings account. With rates currently at 2.25% and significant uncertainty ahead, understanding how rates work has never been more important for your finances. What Is the Bank of Canada's Policy Rate? The Bank of Canada sets the overnight policy rate—the interest rate at which major banks lend money to each other. This rate serves as a benchmark that influences borrowing and lending costs across the entire economy. When the Bank raises or lowers this rate, commercial banks adjust their prime rates accordingly, which directly affects the rates you pay on mortgages, lines of credit, and other loans. The Bank's primary goal is to keep inflation near its 2% target. When inflation runs too hot, the Bank raises rates to cool spending. When the economy slows, it cuts rates...
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Hamas Rejects Cease-Fire Proposal Amid Escalating Tensions

In a recent development, Hamas has firmly rejected the latest cease-fire proposal, accusing Israel of ignoring its core demands. These demands include an end to the ongoing war and a full withdrawal from Gaza. The statement came shortly after the United Nations Security Council approved a resolution calling for an immediate cease-fire and the release of all hostages held in Gaza.

The vote at the UN provoked a clash between Israel and the United States. Surprisingly, the US decided not to use its veto power, leading to further tensions. In response, Israeli Prime Minister Benjamin Netanyahu canceled a high-level delegation’s planned visit to Washington.

An independent expert working with the U.N.’s top human rights body has also raised concerns. The expert stated that there are “reasonable grounds” to believe that Israel is carrying out genocide in Gaza. Meanwhile, international aid officials report that the entire population of the Gaza Strip—2.3 million people—is suffering from food insecurity, with famine looming in the hard-hit north. The conflict has resulted in over 32,000 deaths and more than 74,000 wounded, with women and children making up two-thirds of the casualties. Additionally, Hamas is still believed to be holding around 100 Israelis hostage, along with the remains of 30 others.

As the situation remains tense, the U.N.'s demand for a cease-fire in Gaza has provoked the strongest clash between the U.S. and Israel since the war began. Israeli and U.S. defense chiefs are set to meet, and global support for Israel’s offensive is waning. All this unfolds against the backdrop of Jerusalem’s festive holiday of Purim, which is now overshadowed by the ongoing conflict.

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