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The Fed Decides Wednesday — Here's What It Means for Your Mortgage, the Loonie, and Your RRSP

  Monday, July 27, 2026 The U.S. Federal Reserve hands down its rate decision at 2 p.m. ET on July 29. For most Canadians it will feel like background noise. It isn't — here's the plain-language version of why it touches your mortgage, your cross-border spending, and whatever's sitting in your RRSP. The short version: Markets are pricing roughly a two-in-three chance the Fed holds its rate at 3.50%–3.75% on Wednesday. That's not the story. The story is that this is one of the least certain "sure thing" holds in years — and Chair Kevin Warsh's press conference at 2:30 p.m. ET could matter more than the decision itself. Why this meeting is different The Fed has held its benchmark rate steady at 3.50%–3.75% through every meeting so far in 2026. On paper, Wednesday should be more of the same. Under the hood, it's messier. Persistent inflation, running well above the Fed's 2% target for a fifth straight year, has kept a rate hike on the table. The oil-...
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Trump Criticizes Federal Reserve Chair Powell Over Tariff Remarks

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President Donald Trump has publicly expressed dissatisfaction with Federal Reserve Chair Jerome Powell, hinting at his removal following Powell's comments on the economic impact of tariffs. Powell, in a recent speech, highlighted the potential for increased inflation and slowed economic growth due to the tariffs, which he described as larger than anticipated.

Trump, in a social media post, criticized Powell for not lowering interest rates aggressively, comparing the Federal Reserve's approach unfavorably to the European Central Bank. He stated that Powell's "termination cannot come fast enough," despite legal protections that prevent the president from firing the Federal Reserve Chair without cause.

Powell, who was initially appointed by Trump in 2018 and reappointed in 2022, has emphasized the Federal Reserve's independence and commitment to making decisions based on economic analysis rather than political pressure. This clash underscores ongoing tensions between the administration and the central bank over monetary policy and economic strategy.

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