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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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Heathrow Chaos Continues: Air Traffic Glitch Grounds More Flights

 

London’s Heathrow Airport faced another wave of flight cancellations on Thursday, following a major air traffic control failure that disrupted operations across the UK. At least 16 flights, including routes to Brussels and Toronto and arrivals from New York and Berlin, were cancelled.

The disruption stemmed from a technical malfunction at National Air Traffic Services (NATS), which oversees UK airspace. Although NATS reported its systems were back online and operating normally after switching to a backup system, the fallout continued into the next day.

This marks the second major outage in two years for NATS, which also impacted Gatwick, Edinburgh, and other airports, resulting in 122 cancellations on Wednesday alone. Ryanair’s Chief Operating Officer, Neal McMahon, has called for the resignation of NATS CEO Martin Rolfe, criticizing the agency for failing to learn from previous incidents.

Transport Minister Heidi Alexander announced plans to meet with Rolfe to investigate the failure and prevent future disruptions. Heathrow, already reeling from a March power substation fire that stranded thousands of passengers, has yet to issue a formal response.

With the summer travel season in full swing, passengers are advised to check with airlines and airports for updates as the system stabilizes.


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