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Canada's Economy Just Grew 3.3% — Here's Why That Makes a September Rate Cut Even Less Likely

  Published August 29, 2026 If you've been holding out hope that a slowing economy might finally push the Bank of Canada toward a rate cut, Friday's numbers just closed that door a little further. Statistics Canada reported that the Canadian economy grew at an annualized pace of 3.3% in the second quarter — the fastest rate since 2023 — and revised figures show the first quarter expanded 0.3% rather than shrinking as originally reported. That confirms Canada never actually slid into a technical recession this year. It's good news for the economy. It's less good news if you were counting on lower borrowing costs anytime soon. What actually drove the growth The rebound was broad-based. Exports posted their strongest performance in 39 months, business investment in factories, equipment and commercial real estate jumped, and consumer spending held up as well. On a per-person basis, output grew at a 3.8% annualized clip — the quickest pace since late 2021, even with Canada...
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U.S. State Department Embarks on Sweeping Reorganization

 

The U.S. State Department has announced a significant restructuring initiative aimed at streamlining operations and aligning with the administration's "America First" mandate. Secretary of State Marco Rubio revealed plans to reduce domestic staff by 15% and consolidate over 100 bureaus worldwide. This reorganization will see the number of offices reduced from 734 to 602, with 137 offices relocated to enhance efficiency.

The overhaul is part of a broader effort to modernize U.S. foreign policy and optimize resource allocation. While the changes are expected to empower diplomats and improve operational effectiveness, concerns have been raised about potential impacts on critical areas such as diversity, inclusion, and humanitarian efforts.

The reorganization reflects the administration's commitment to reducing bureaucracy and fostering innovation within the department. As the State Department navigates these changes, the focus remains on maintaining its relevance and efficacy in addressing global challenges.







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