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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 UK and France in Recognizing Palestinian State Amid Gaza Crisis

 


Canada Aligns with UK and France on Palestinian Recognition as Gaza Starvation Worsens

In a historic shift, Canada has announced its intention to formally recognize the State of Palestine at the upcoming United Nations General Assembly in September 2025. This move places Canada alongside the United Kingdom and France, both of which recently declared similar plans in response to the deepening humanitarian crisis in Gaza.

Prime Minister Mark Carney cited the “intolerable level of human suffering” in Gaza as a driving force behind the decision. The region has been devastated by ongoing conflict, with starvation and displacement escalating due to Israel’s blockade and military operations. Carney emphasized that the recognition is contingent on the Palestinian Authority implementing democratic reforms and ensuring Hamas plays no role in future governance.

A Global Shift in Diplomacy

  • UK Prime Minister Keir Starmer announced Britain would recognize Palestine in September unless Israel agrees to a ceasefire and commits to a two-state solution.
  • France’s President Emmanuel Macron declared that recognition is “the only path forward” and will proceed regardless of Israeli actions.
  • Canada’s move marks a departure from its long-held position that recognition should follow peace negotiations. Carney stated, “The prospect of a Palestinian state is literally receding before our eyes”.

Israeli and U.S. Backlash

  • Israeli Prime Minister Benjamin Netanyahu condemned the recognitions, calling them “rewards for terrorism” and warning of diplomatic consequences.
  • U.S. President Donald Trump criticized Canada’s decision, suggesting it could jeopardize trade negotiations and accusing Ottawa of “rewarding Hamas”.

Symbolism vs. Substance

While the recognitions are largely symbolic, they reflect a growing disillusionment among Western democracies with Israeli policies and signal increased support for Palestinian sovereignty. More than 140 UN member states already recognize Palestine, but the addition of G7 nations like France, the UK, and Canada adds significant diplomatic weight.

As the humanitarian crisis in Gaza worsens, these recognitions may serve as a catalyst for renewed international pressure on Israel and a reinvigorated push for a two-state solution.


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