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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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Freight Train Standstill: Canadians Await Details on Railway Reopening

 

Businesses and industry leaders across Canada are holding their breath as they await updates on when freight trains will resume operations. The federal government has stepped in after a work stoppage brought all shipments to a halt for an entire day.

Months of tense negotiations between Canadian Pacific Kansas City Ltd. (CPKC) and Canadian National Railway Co. (CN) reached a breaking point when the two sides failed to reach a deal by 12:01 a.m. eastern time on Thursday. In response, both companies locked out workers.

Federal Labour Minister Steven MacKinnon swiftly intervened, asking the Canada Industrial Relations Board (CIRB) to impose binding arbitration on the parties. He also requested that the railways resume operations under the terms of the old collective agreement until new deals are in place.

CN promptly lifted its lockout in anticipation of a formal order from the board, while CPKC prepared to restart operations. However, the Teamsters union, representing rail workers, refused to discuss resuming service and instead challenged the constitutionality of MacKinnon’s direction.

The impact of this work stoppage extends beyond supply chains. Tens of thousands of commuters in Toronto, Montreal, and Vancouver rely on lines running on CPKC-owned tracks. The urgency to restore rail services is palpable, and all eyes are on the CIRB’s decision.


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