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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 Administration Pushes Forward with Federal Workforce Cuts


The Trump administration is moving ahead with a significant reduction in the federal workforce, following the submission of downsizing plans by various agencies. This initiative, part of a broader effort to streamline government operations, has sparked widespread concern and debate.

Key agencies, including the Department of Veterans Affairs and the Department of Education, are expected to see substantial layoffs, with thousands of jobs on the line. The administration's directive emphasizes cutting non-essential functions and reducing budgets, aiming to reshape the federal bureaucracy. However, these measures have faced legal challenges, with courts recently ordering the reinstatement of some dismissed employees.

The economic implications of these layoffs are also under scrutiny, as fears of a potential recession loom. Critics argue that the cuts could disrupt essential services and harm vulnerable populations, while supporters view them as a necessary step toward fiscal responsibility.

This development marks a pivotal moment in the administration's efforts to redefine the role and scope of the federal government.

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