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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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Carney Sets the Course: PM Outlines Government Priorities in First Post-Election Address

 

Prime Minister Mark Carney is set to unveil his government's priorities in a highly anticipated news conference today, marking his first public address since securing a fourth mandate for the Liberal Party. 

Carney, who has remained largely behind closed doors since election night, is expected to focus on key domestic and international issues, including trade relations with the United States. His office confirmed that he spoke with U.S. President Donald Trump earlier this week, with discussions centered on easing ongoing trade tensions. While Trump has indicated a meeting in Washington could happen within days, Carney's team has yet to confirm the timeline. 

Beyond trade, Carney has spent the past few days engaging with global leaders, including King Charles, Ukrainian President Volodymyr Zelenskyy, and European Council President Antonio Costa. His diplomatic outreach signals a broader effort to reposition Canada on the world stage, particularly in light of shifting geopolitical dynamics. 

Domestically, Carney faces the challenge of governing with a minority government, as the Liberals secured 168 seats—one fewer than initially reported—following a validation process by Elections Canada. The Conservatives hold 144 seats, while the Bloc Québécois, NDP, and Green Party make up the remainder of the House. 

As Carney steps into the spotlight today, Canadians will be watching closely to see how he plans to navigate the political landscape and deliver on his campaign promises. His remarks are scheduled for 11 a.m. EDT, where he will take questions from the media. 



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