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5 Things to Know Today: BoC Decision Looms, Oil Spikes, Bigger CCB Cheques Land

  Tuesday, July 14, 2026 Good morning. Here's what Canadians need to know today, from tomorrow's Bank of Canada rate call to a bigger Canada Child Benefit deposit landing next week. 1. Bank of Canada decides tomorrow — a hold is widely expected The Bank of Canada announces its interest rate decision Wednesday, July 15, at 9:45 a.m. ET, alongside its quarterly Monetary Policy Report. Markets and economists widely expect the Bank to hold its key rate at 2.25%, with Governor Tiff Macklem holding a press conference at 10:45 a.m. ET to explain the decision. What it means for you: If you're renewing a mortgage or carrying a variable-rate loan or HELOC, tomorrow's decision likely won't change your payment. But watch the tone of the statement closely — renewed oil-price pressure (see #3) could shape how the Bank talks about inflation risk heading into the fall. 2. U.S. inflation data drops this morning The U.S. Bureau of Labor Statistics releases its June Consumer Price In...

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Bank of Canada Poised for Significant Rate Cut Amid Economic Slowdown

 

The Bank of Canada is widely expected to reduce its key policy rate by 50 basis points next week, marking its fourth consecutive rate cut and the first substantial reduction outside of the pandemic era in over 15 years. This anticipated move aims to stimulate economic growth as the country grapples with falling prices and sluggish consumer and business spending.

The central bank’s decision, set to be announced on October 23, will likely bring the benchmark rate down to 3.75% from the current 4.25%. This follows a series of rate cuts that began in June, prompted by consistent signs of cooling inflation and weakening economic growth.

Governor Tiff Macklem has indicated that the Bank of Canada is increasingly concerned about the risks of a faltering economy and declining inflation. Recent data has shown that Canada’s GDP growth has been minimal, with a mere 0.2% increase in July and a likely stall in August. Additionally, headline inflation for September was recorded at 1.6%, below the central bank’s target range.

Economists and financial markets are largely in agreement about the upcoming rate cut, with a Reuters poll showing that two-thirds of economists expect a 50 basis point reduction. This move is seen as necessary to support the economy, despite some concerns about potential inflationary pressures.

The Bank of Canada’s upcoming monetary policy report will provide further insights into its economic forecasts and the rationale behind its decision. As the central bank navigates these challenging economic conditions, its actions will be closely watched by markets and policymakers alike.


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