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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’s Bold Shift on Palestinian Statehood Sparks Global Debate

 


Canada’s Recognition of Palestine: A Turning Point in Foreign Policy

In a landmark announcement, Canadian Prime Minister Mark Carney declared that Canada will formally recognize the State of Palestine at the United Nations General Assembly in September 2025. The move marks a dramatic shift in Canada’s long-standing policy, which previously hinged on a negotiated peace agreement between Israel and Palestinian leadership.

Conditions for Recognition

Carney emphasized that recognition is contingent on key reforms by the Palestinian Authority, including:

  • Holding democratic elections in 2026
  • Ensuring Hamas plays no role in governance
  • Committing to a demilitarized Palestinian state

He stated, “Preserving a two-state solution means standing with all people who choose peace over violence or terrorism”.

International Reactions

Canada joins a growing list of nations—including France, Ireland, Norway, and Spain—that have either recognized or pledged to recognize Palestinian statehood. The UK has also signaled its intent to do so, conditional on Israeli actions in Gaza.

However, the move has drawn sharp criticism:

  • Israel’s Foreign Ministry condemned the decision as a “reward for Hamas” and warned it could undermine ceasefire efforts.
  • U.S. President Donald Trump threatened to derail trade talks with Canada, calling the decision “very hard for us to make a Trade Deal with them”.

Why Now?

Carney cited the deteriorating humanitarian crisis in Gaza, the expansion of Israeli settlements, and the fading prospects of a two-state solution as urgent reasons for the shift. “The possibility of a Palestinian state is literally receding before our eyes,” he said.

What’s Next?

Canada’s recognition will be formalized at the 80th UN General Assembly session. The move is expected to intensify diplomatic pressure on Israel and deepen divisions among Western allies over Middle East policy.


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