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BoC Holds at 2.25%: What the Rate Decision (and Rising Gas Prices) Mean for Your Wallet

  Thursday, July 16, 2026 Sixth consecutive hold. A weaker 2026 growth forecast. And inflation that's running hotter because of gas prices, not the usual suspects. Here's what actually changes for you. The Bank of Canada held its overnight rate at 2.25% on Wednesday, exactly as markets expected. No surprise there. What's more interesting is why it held, and what it revealed about where the economy — and your bills — are headed next. This was the sixth straight hold since the Bank finished its easing cycle back in October. But buried in the accompanying Monetary Policy Report were a few numbers worth your attention. The Numbers That Matter Overnight Rate 2.25% (unchanged) Prime Rate (typical) 4.45% 2026 GDP Growth Forecast 0.7% (cut from 1.2%) 2027 / 2028 Growth Forecast 1.8% each year May CPI Inflation 3.2% Inflation Excluding Gasoline 2.2% Unemployment Rate (June) 6.5% Next Rate Decision September 2, 2026 Why Gas Prices Are Driving This Decision Here's the twist in th...
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Canada Joins Global Shift Toward Palestinian Statehood Recognition

 

                                    Canadian Prime Minister Mark Carney speaks, alongside Foreign Affairs Minister Anita Anand,  

Prime Minister Mark Carney announced that Canada will formally recognize a Palestinian state at the United Nations General Assembly this September, joining France and the United Kingdom in a growing international push for a two-state solution amid the ongoing crisis in Gaza.

Carney emphasized that Canada’s recognition is contingent on the Palestinian Authority implementing key reforms, including holding general elections in 2026 and ensuring Hamas plays no role in the future governance of Palestine. He also stated that Palestinian Authority President Mahmoud Abbas has committed to demilitarizing the proposed state.

“Canada will always steadfastly support Israel’s existence as an independent state in the Middle East, living in peace and security,” Carney said. “But any path to lasting peace for Israel also requires a viable and stable Palestinian state”.

The announcement comes amid mounting humanitarian concerns in Gaza, where starvation and displacement have reached catastrophic levels. More than 60,000 Palestinians have died since Israel’s retaliatory campaign began following Hamas’s October 2023 attacks.

Israel has strongly condemned Canada’s decision, calling it a “reward for Hamas” and warning that it undermines efforts to reach a ceasefire and secure the release of hostages still held in Gaza.

Canada’s move reflects a broader shift in Western diplomacy, as global leaders seek new avenues to resolve one of the world’s most intractable conflicts.

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