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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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Major IT Outage Disrupts Key Services Across Canada


A significant IT outage has caused widespread disruptions across Canada, affecting airports, banks, border crossings, and hospitals. The issue originated from a faulty update deployed by cybersecurity firm CrowdStrike, impacting computers running Microsoft Windows.

Airports: The outage led to numerous flight cancellations and delays, particularly affecting U.S.-based carriers like United Airlines and American Airlines. Porter Airlines, operating within Canada and to some U.S. locations, also experienced significant disruptions.

Banks: TD Bank and other financial institutions faced operational challenges, causing inconvenience to customers and delays in transactions.

Border Crossings: The Canada Border Services Agency (CBSA) reported partial outages in its telephone reporting system, primarily affecting small aircraft passengers and boaters. Long delays were noted at major border crossings, including the Ambassador Bridge and the Detroit-Windsor tunnel.

Hospitals: Health care networks in British Columbia and other regions experienced disruptions, affecting their computer systems and networks.

CrowdStrike has acknowledged the issue, stating that it was not a security incident or cyberattack. Efforts are underway to restore normal operations, but the impacts are expected to linger for several days.


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