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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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Trump Reiterates 100% Tariffs Threat to Dissuade BRICS Nations from Replacing U.S. Dollar

In a recent statement on Truth Social, President Donald Trump renewed his threat to impose 100% tariffs on BRICS nations if they attempt to replace the U.S. dollar as the global reserve currency. The BRICS alliance, which includes Brazil, Russia, India, China, and South Africa, along with newer members such as Egypt, Ethiopia, Iran, and the United Arab Emirates, has been exploring alternatives to the U.S. dollar in international trade.

Trump's warning comes amid growing frustration among BRICS nations over America's control of the global financial system. He demanded a firm commitment from these countries to cease any attempts to create a new currency or back existing currencies in competition with the U.S. dollar. Failure to comply, he warned, would result in severe consequences, including the imposition of 100% tariffs on goods imported from these countries and the end of their access to the U.S. market.

The U.S. dollar remains the dominant currency in global trade, but members of the BRICS alliance argue that America's control over the financial system is increasingly problematic. Russian President Vladimir Putin has accused the U.S. of "weaponizing" the dollar and has expressed the need for alternatives. The BRICS alliance, established in 2009, aims to challenge the world order dominated by the United States and its Western allies.

Trump's renewed threat underscores the ongoing tensions between the U.S. and the BRICS nations as they seek to assert their economic independence and reduce reliance on the U.S. dollar.


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