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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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Beijing Drenched: Torrential Rains Kill 30, Displace Thousands in Sudden Flood Crisis

 

A man sits in a plastic boat to move to safety after heavy rainfall flooded the region, in Huairou district of Beijing, China July 28,


Beijing's Rain Trap Turns Deadly Amid Record Downpour

Beijing is reeling from a catastrophic bout of extreme weather that has claimed at least 30 lives and displaced over 80,000 residents, after nearly a year’s worth of rain fell in less than a week.

The deluge, which began on July 23, intensified over the weekend, peaking on Monday night. Northern districts like Miyun and Yanqing, nestled near the Great Wall, bore the brunt of the disaster. Miyun alone reported 28 fatalities, while Yanqing accounted for two more.

Experts have dubbed the capital a “rain trap”, citing its mountainous terrain to the west and north that funnels and amplifies moisture-laden air. This topography forced the moist air upward, triggering intense rainfall that overwhelmed infrastructure.

Key impacts include:

  • Rainfall totals reached up to 573.5 mm (22.6 inches) in Miyun—nearly matching Beijing’s annual average of 600 mm.
  • Roads, bridges, and power lines were destroyed across 130+ villages, leaving many cut off from communication and electricity.
  • Hundreds of flights and train services were suspended, stranding travelers and disrupting logistics.
  • Emergency crews rescued 48 people from a flooded elderly care center using ropes and swimming through submerged corridors.

President Xi Jinping has called for “all-out” rescue efforts, acknowledging the heavy casualties and property losses across Beijing and neighboring provinces.

Scientists warn that such extreme weather events are becoming more frequent in China’s traditionally arid north, with climate change likely playing a role.

As Beijing begins recovery efforts, the disaster underscores the urgent need for resilient infrastructure and climate adaptation strategies in urban centers increasingly vulnerable to nature’s fury.


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