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Why Interest Rates Matter for Canadians

Interest rates are the single most powerful lever in Canada's economy.  When the Bank of Canada adjusts its policy rate, the effects reach every household—from the cost of carrying a mortgage to the return on a savings account. With rates currently at 2.25% and significant uncertainty ahead, understanding how rates work has never been more important for your finances. What Is the Bank of Canada's Policy Rate? The Bank of Canada sets the overnight policy rate—the interest rate at which major banks lend money to each other. This rate serves as a benchmark that influences borrowing and lending costs across the entire economy. When the Bank raises or lowers this rate, commercial banks adjust their prime rates accordingly, which directly affects the rates you pay on mortgages, lines of credit, and other loans. The Bank's primary goal is to keep inflation near its 2% target. When inflation runs too hot, the Bank raises rates to cool spending. When the economy slows, it cuts rates...
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Southern U.S. Paralyzed by Record Snowfall: Thousands of Flights Cancelled

 

Thousands of flights were cancelled and travel was severely disrupted across the southern United States as a major winter storm brought the region's largest snowfall in almost four years.

The storm, which began on Thursday, drew Arctic air from the north and a surge of Gulf moisture from the south, creating a potent low-pressure system that blanketed states from Texas to the Carolinas with heavy snow. 

In Arkansas, the small town of Mena reported the highest snowfall total with 36 cm of snow, while Little Rock saw 20 cm, doubling its average annual snowfall. The historic snowfall also ended a 1,076-day snowless streak in Charlotte, North Carolina.

Air travel was heavily impacted, with nearly half of all flights into and out of Atlanta cancelled on Friday.The storm also caused significant highway delays and power outages in northeastern Texas and southwestern Arkansas.

As the storm continues to move through the southeast and Mid-Atlantic states, more disruptions are expected, with a swath of 5-15 cm of snow forecasted across the western Carolinas and southern Virginia.




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