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Bank of Canada Holds at 2.25% — What the Fine Print Means for You

  July 15, 2026  |  Canadian Money Brief The Bank of Canada held its policy rate at 2.25% today, exactly as every economist surveyed expected. The number didn't move — but the story underneath it did. Between renewed oil-market chaos, a stubbornly hot inflation reading, and an economy that's finally showing signs of life, this "boring" hold decision was anything but simple. If you've been following our preview piece from earlier this week , this is the follow-up: what actually happened, and what it means for your mortgage, your savings, and your grocery bill. The Decision, in Plain English This marks the sixth consecutive hold since the Bank's last cut back in October 2025. The overnight rate stays at 2.25%, the Bank Rate at 2.5%, and the deposit rate at 2.20%. Bank prime — the number that actually determines your variable mortgage or line of credit rate — stays put at 4.45%. Governor Tiff Macklem has described this level as sitting near the bottom of the Bank...
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Chemical Plant in Sarnia Temporarily Shuts Down After High Benzene Levels Detected Near Ontario First Nation

 

Days after high levels of the cancer-causing chemical benzene were detected on the northern border of Aamjiwnaang First Nation, a chemical plant in Sarnia is shutting down. INEOS Styrolution, a chemical manufacturer, informed Global News via email that it has halted operations to perform maintenance and address a mechanical issue. The benzene levels reached 115 ug/m³ (micrograms per cubic meter) on April 16, exceeding Ontario’s annual average limit of 0.45 ug/m³ for benzene.

Dozens of Aamjiwnaang First Nation residents reported feeling ill, and an unknown number were hospitalized. The First Nation’s Chief and a representative from its Environment Department have called for the provincial government to shut down the facility until benzene emissions cease and have hinted at potential legal action. The Ministry of the Environment, Conservation and Parks issued a provincial order against INEOS, requiring the company to create a written plan to address the high levels, implement new procedures to warn the public about toxic emissions, and investigate the apparent source of the chemical leak.

At the federal level, Environment Canada has an open enforcement file related to the INEOS facility under the Environmental Emergencies regulations. David R. MacDonald, the operations manager and interim site director for INEOS Styrolution, stated that the company was “carefully reviewing” concerns raised by Aamjiwnaang First Nation regarding benzene readings from the INEOS site.

Ensuring the health and safety of employees and the community remains paramount, and operations will resume once the issue is addressed. The situation highlights the importance of monitoring and addressing chemical emissions to protect both human health and the environment.

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