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Bank of Canada Holds the Line as Global Turmoil Clouds Outlook

  Bank of Canada Governor Tiff Macklem takes part in a press conference in Ottawa on September 17, 2025 The Bank of Canada has opted to keep its key interest rate steady at 2.25%, a decision that reflects the delicate balancing act policymakers face as global uncertainty intensifies. With inflationary pressures rising and economic growth showing signs of strain, the central bank is navigating a narrow path shaped by forces largely outside its control. A major driver of the current tension is the surge in oil prices triggered by ongoing geopolitical conflict. Higher energy costs are feeding into broader inflation, raising concerns that price pressures could become more persistent. At the same time, elevated borrowing costs and weakening consumer confidence are weighing on domestic economic momentum. By holding the rate, the Bank of Canada signals caution: it aims to avoid stifling growth while still keeping inflation expectations anchored. The central bank emphasized that it rema...
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Tariff Shock: Overnight Gas Prices Set to Jump by At Least 10%

 

New U.S. tariffs on Canadian and Mexican oil imports are poised to hit the gas pump hard. President Trump’s recent move—imposing a 10% duty on Canadian energy products and a steeper 25% tariff on Mexican oil—is expected to drive refining costs upward, with consumers likely to bear the brunt.

Experts warn that as U.S. refineries, particularly those in the Midwest and Gulf Coast, struggle to adjust to higher input costs from a trade-disrupted oil market, gas prices could spike by at least 10% overnight. “Expect fuel prices will rise noticeably if oil and refined products are not exempt,” said a leading analyst, emphasizing that the cost pressures will quickly transfer to consumers at the pump citeturn0search2.

The tariffs, intended to pressure trade partners on issues like illegal immigration and drug smuggling, come at a time when the U.S. imports roughly 4 million barrels per day of Canadian oil and over 450,000 barrels per day from Mexico. With refineries largely set up to process these specific types of crude, finding alternative sources won’t be an easy fix.

While some industry insiders hope that temporary exemptions might be negotiated to alleviate consumer pain, many remain skeptical. As the tariffs take effect, American drivers may soon notice a significant, immediate impact on fuel prices, adding a new challenge to an already complex economic landscape citeturn0search0.

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