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Why Interest Rates Matter for Canadians

Interest rates are the single most powerful lever in Canada's economy.  When the Bank of Canada adjusts its policy rate, the effects reach every household—from the cost of carrying a mortgage to the return on a savings account. With rates currently at 2.25% and significant uncertainty ahead, understanding how rates work has never been more important for your finances. What Is the Bank of Canada's Policy Rate? The Bank of Canada sets the overnight policy rate—the interest rate at which major banks lend money to each other. This rate serves as a benchmark that influences borrowing and lending costs across the entire economy. When the Bank raises or lowers this rate, commercial banks adjust their prime rates accordingly, which directly affects the rates you pay on mortgages, lines of credit, and other loans. The Bank's primary goal is to keep inflation near its 2% target. When inflation runs too hot, the Bank raises rates to cool spending. When the economy slows, it cuts rates...
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Hurricane Flossie Gains Strength Off Mexico’s Pacific Coast, Triggers Weather Alerts

Hurricane Flossie has rapidly intensified into a Category 1 hurricane off Mexico’s southwestern Pacific coast, packing sustained winds of 85 mph (140 kph) as it churns west-northwest away from land. The U.S. National Hurricane Center confirmed the storm’s upgrade late Monday night, placing it approximately 160 miles (260 km) south of Manzanillo.

Although Flossie’s center is expected to remain offshore, its outer bands are forecast to bring 2 to 6 inches of rain across the Mexican states of Guerrero, Michoacán, Colima, and Jalisco through Wednesday. Authorities warn of life-threatening flooding and mudslides, especially in mountainous regions.

Mexico’s government has issued a tropical storm warning from Punta San Telmo to Playa Perula, with a watch in effect from Zihuatanejo to Cabo Corrientes. Coastal communities are also bracing for dangerous surf and rip currents as the storm generates powerful swells.

Forecasters expect Flossie to strengthen further over the next 36 hours before weakening as it moves over cooler waters later in the week.


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