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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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Drone Strike Sparks Emergency in Russian Port City

The Russian port city of Novorossiysk has declared a state of emergency following a Ukrainian drone attack that damaged residential buildings and injured at least five people, including two children. Mayor Andrei Kravchenko announced the decision on his official Telegram account, sharing images of the destruction and directing officials to respond to the crisis.

One of the injured, a woman, remains in serious condition at a local hospital. The attack also affected a grain terminal, with debris from falling drones causing damage to storage units and sparking a fire, which has since been extinguished. Authorities are assessing the full extent of the damage and providing assistance to those affected.

Ukraine has yet to comment on the incident, though its air force reported that Russia launched 183 drones and two ballistic missiles overnight. The ongoing conflict continues to escalate, with both sides engaging in aerial strikes.

This latest attack underscores the growing intensity of hostilities between Russia and Ukraine, raising concerns about civilian safety and infrastructure stability in the region.

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