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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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Netanyahu Cancels Israeli Delegation to U.S. After U.N. Ceasefire Vote

Israeli Prime Minister Benjamin Netanyahu has canceled an Israeli delegation’s planned visit to Washington, D.C., scheduled for this week. The decision came after the United States refrained from vetoing a United Nations Security Council resolution calling for an immediate ceasefire between Israel and Hamas in Gaza.

The U.N. Security Council’s resolution marks the first time it has demanded an immediate ceasefire since the war began. Fourteen out of fifteen countries voted in favor of the resolution, which specifically called for a halt to fighting in Gaza during the month of Ramadan. Notably, the resolution did not impose any preconditions, such as the release of hostages.

The United States’ abstention from voting was a significant shift. Just last week, the U.S. submitted a draft resolution calling for an immediate ceasefire without linking it to the release of hostages held by Hamas in Gaza. The change in position reflects a departure from decades of stalwart support for Israel.

U.S. Ambassador to the United Nations, Linda Thomas-Greenfield, emphasized the ongoing diplomatic efforts led by the United States, Qatar, and Egypt to secure an immediate and sustainable ceasefire. She stressed the need to alleviate the suffering of Palestinian civilians in Gaza, who are in dire need of protection and life-saving humanitarian assistance.

Netanyahu’s decision to cancel the delegation’s trip underscores the tension surrounding the UN vote and highlights the delicate balance between international diplomacy and regional conflict. As the situation continues to evolve, the world watches closely for any signs of progress toward peace in the troubled region.

Last October, President Biden met with Netanyahu in Tel Aviv, but recent events have strained the traditionally strong U.S.-Israel relationship.

As the conflict persists, the international community remains hopeful for a resolution that brings an end to the violence and paves the way for lasting peace in the Middle East.

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