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The Rate Cuts Are Over — Is a Hike Coming?

  July 23, 2026 Oil shocks, sticky inflation and a technical recession are pulling the Bank of Canada in opposite directions at once. For most of the past two years, the only question about the Bank of Canada was how far and how fast it would cut. The overnight rate fell from 5.00% to 2.25% between June 2024 and October 2025, one of the sharpest easing cycles in the Bank's history, and it has held there through six consecutive decisions since. That story is now over. The question on the table for the rest of 2026 isn't whether the Bank cuts again — it's whether the next move is actually a hike. Two conflicting signals, one Bank The case for staying put — or even cutting — comes from the growth side of the ledger. Statistics Canada data showed the economy contracted in both the fourth quarter of 2025 and the first quarter of 2026, meeting the informal definition of a technical recession. That was enough to have some economists warning the Bank had no room to raise rates at a...

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Santorini Shaken: State of Emergency Declared Amid Unprecedented Quake Swarm


Greek authorities have declared a state of emergency on Santorini following a relentless series of undersea earthquakes, the strongest of which—a 5.2 magnitude tremor—struck late Wednesday night. The emergency measure, effective until March 3, aims to streamline the response to the ongoing seismic crisis that has rattled the popular tourist island for nearly a week.

Over 10,000 residents and seasonal workers have already evacuated the island as hundreds of tremors have left local officials on high alert. Schools have been shut, and several cliff-top towns have been cordoned off due to the elevated risk of landslides. Emergency services—including the army, police, fire brigade, and coast guard—have been deployed across Santorini to assist with rescue and relief operations, while additional resources such as social workers and psychologists are en route to help those affected by the crisis.

Local seismologists warn that although the tremors have caused minimal structural damage so far, the seismic activity is unprecedented for the region. Experts caution that while the current swarm appears to be tectonic in nature and not directly related to volcanic activity, the possibility of a more powerful earthquake cannot be ruled out. This uncertainty has prompted officials to advise residents and tourists alike to steer clear of vulnerable coastal zones and indoor gatherings.

The situation remains fluid as the Greek government closely monitors developments. Prime Minister Kyriakos Mitsotakis is expected to visit Santorini shortly to assess the situation and demonstrate solidarity with the affected communities. As the iconic island—renowned for its picturesque vistas and vibrant tourism industry—lies unusually quiet, authorities urge calm and readiness as they navigate this natural emergency.

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