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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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South Korean Lawmakers Push to Impeach President Yoon Following Martial Law Debacle

 

In a dramatic turn of events, South Korea's opposition parties have submitted an impeachment motion against President Yoon Suk Yeol. This move comes just hours after his controversial attempt to impose martial law was overturned by lawmakers. The main opposition Democratic Party, along with five other minor parties, submitted the motion as pressure mounts on Yoon to leave office following his shocking declaration of martial law late Tuesday night.

The impeachment motion could be voted on as early as Friday, requiring the support of two-thirds of the 300-member parliament. The opposition controls 192 seats, needing an additional eight votes from the president's People Power Party to pass the motion. If the impeachment passes, the Constitutional Court must reach a decision within six months, during which Prime Minister Han Duck-soo would step in as interim leader.

The declaration of martial law, which was the first in South Korea since 1980, was met with immediate resistance. In an emergency session at 1 a.m. Wednesday morning, 190 lawmakers voted to demand the lifting of martial law, making the declaration void according to the country's constitution. The parliamentary vote was unanimous among the lawmakers present.

The fallout from the six-hour martial law debacle continued throughout Wednesday, with President Yoon's entire Cabinet and all of his aides offering to step down from their posts. Defense Minister Kim Yong-hyun resigned, taking full responsibility for the martial law declaration.

President Yoon's declaration cited the need to eradicate "pro-North Korea anti-state forces" and protect the free constitutional order. However, his popularity had plummeted to 17% last month amid domestic problems and scandals. The declaration of martial law brought back memories of South Korea's past military dictatorships, further fueling public outrage.

As the nation grapples with this political crisis, the opposition parties are determined to hold President Yoon accountable for his actions. The coming days will be crucial in determining the future of South Korea's leadership and its democratic stability.

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