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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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NATO head pushes Canada to meet 2% defence spending target

 

Speaking in Ottawa on Wednesday, NATO Secretary-General Jens Stoltenberg urged Canada to meet the target agreed upon by members of the military alliance: spending at least two percent of its gross domestic product (GDP) on defense. 

While Canada has made commitments in this regard, Stoltenberg expects all allies to do more and follow through on their pledges. Notably, in 2023, there was an unprecedented 11% increase in defense spending across European Allies and Canada, with 18 Allies expected to meet the 2% GDP target in 2024—a significant rise since 2014 when only three Allies achieved it. 

Canada’s current forecasted defense spending is around 1.36% of GDP, projected to reach 1.43% by fiscal year 2024-25. 

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