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BoC Opens the Door to Rate Hikes: What It Means for Your Mortgage

  Published September 4, 2026 The Bank of Canada held its policy rate at 2.25% on September 2 — the seventh straight hold — but Governor Tiff Macklem didn't sound like a central banker done for the year. He told reporters the Bank is "prepared to raise interest rates, and if it takes more than one increase, we're prepared to do that," if inflation stays too high. That's a real shift in tone, and it lands right as a wave of Canadians hit their mortgage renewal date. Here's what changed, who's forecasting what, and what it actually means for your payment. Why the Bank Suddenly Sounds Hawkish Canada's annual inflation rate has climbed to around 3% — a full point above the Bank's 2% target — and the Bank is pointing squarely at energy prices. Oil has stayed elevated because of the Iran conflict and disruption near the Strait of Hormuz, pushing gas prices up and dragging headline CPI with it. Core inflation, which strips out food and energy, is still s...
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Trade Tensions Misread: Mexico Acts Responsively as Canada Misinterprets U.S. Tariff Order

 

In a recent statement, the White House noted a striking contrast between the reactions of its two northern neighbors. According to officials, while Mexico is “very, very serious” about addressing the issues outlined in President Trump’s executive order on tariffs, Canadian authorities appear to have misunderstood its intent—seeing it as the start of a full-blown trade war rather than a targeted measure.

White House National Economic Council director Kevin Hassett explained that, during discussions over the weekend, it became clear that Mexico was committed to taking immediate action, including strengthening its border security measures to stem the flow of illegal drugs and migrants. In contrast, Canadian officials seem to be interpreting the order as an escalation that could unnecessarily jeopardize long-standing economic ties.

The executive order, which imposes tariffs on goods from Mexico, Canada, and China, is part of a broader strategy aimed at protecting U.S. national security interests by curbing what the administration describes as threats posed by illegal immigration and the influx of fentanyl. While the White House praised Mexico’s measured response, it urged Canada to adopt a similar approach and avoid overreacting to the order’s “plain language.”

This mixed reaction from North America highlights the complex dynamics of U.S. trade policy under the current administration and raises concerns about the potential for miscommunication among key trading partners. As negotiations continue, U.S. officials hope that Canada will realign its stance, ensuring that cooperative measures prevail over the specter of an escalating trade conflict.


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