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BoC Opens the Door to Rate Hikes: What It Means for Your Mortgage

  Published September 4, 2026 The Bank of Canada held its policy rate at 2.25% on September 2 — the seventh straight hold — but Governor Tiff Macklem didn't sound like a central banker done for the year. He told reporters the Bank is "prepared to raise interest rates, and if it takes more than one increase, we're prepared to do that," if inflation stays too high. That's a real shift in tone, and it lands right as a wave of Canadians hit their mortgage renewal date. Here's what changed, who's forecasting what, and what it actually means for your payment. Why the Bank Suddenly Sounds Hawkish Canada's annual inflation rate has climbed to around 3% — a full point above the Bank's 2% target — and the Bank is pointing squarely at energy prices. Oil has stayed elevated because of the Iran conflict and disruption near the Strait of Hormuz, pushing gas prices up and dragging headline CPI with it. Core inflation, which strips out food and energy, is still s...
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Greece Leads EU Naval Mission in the Red Sea to Safeguard Shipping

 

In a significant move, Greece has formally agreed to participate in and lead a European Union maritime security operation in the Red Sea. The mission aims to protect commercial shipping from attacks by Houthi militants in Yemen.

The operation, aptly named “Aspides” (derived from the Greek word for “shield”), was launched last week. Under the command of Greek Navy Commodore Vasilios Griparis, the mission will operate from a military base in Larissa, central Greece.

Greece, a major commercial shipping power, has felt the direct impact of Houthi attacks. The port of Piraeus, located near Athens, reported a 12.7% drop in activity at its container terminal in January, on an annual basis. Safeguarding maritime trade routes is not only crucial for Greece but also an existential necessity for the European Union.

Greek Defense Minister Nikos Dendias emphasized that the Aspides mission is purely defensive. Greece will not participate in U.S.-led attacks against Houthi military targets in Yemen. Instead, the focus is on securing safe passage for merchant vessels navigating the Red Sea.

The Houthi militants, backed by Iran, have targeted commercial ships using drones and missiles. Their actions are purportedly in response to Israel’s offensive in Gaza against Hamas, which began in October. Minister Dendias clarified that Greece does not take sides in the Houthi conflict but asserts the right to protect its ships and those of other European nations.

As Greece takes the helm in this critical EU naval mission, it underscores the importance of cooperation and vigilance in maintaining open maritime trade routes. The shield of Aspides stands resolute, ensuring safe passage for ships in troubled waters.


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