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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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Iberian Inferno: Portugal and Spain Grapple with Devastating Wildfires

                                            Jose Perez pours water from a bucket to put out a fire at  
                                                 a home garden as a wildfire rages on the outskirts of Valmojado, Spain

Thousands of firefighters are battling a wave of wildfires sweeping across northern Portugal and central Spain, marking the worst outbreak in the Iberian Peninsula this year. Fueled by record-breaking heat and dry conditions, the fires have scorched forests, forced evacuations, and disrupted daily life.

In Portugal, over 2,000 firefighters and 26 aircraft have been deployed to combat ten major blazes, primarily in the northern and central regions. The largest fire in Arouca has consumed scenic trails and forced evacuations, while another in Penamacor destroyed over 3,000 hectares of forest.

Spain is also under siege, with wildfires raging in Avila province and the Peneda-Geres national park. Military emergency units have joined firefighting efforts, and residents in villages like El Arenal and Mombeltran have been advised to stay indoors due to thick smoke.

The fires have disrupted transportation, including high-speed rail services, and devastated agricultural lands. In Mombeltran, a farmer mourned the loss of his family’s olive grove, which had survived a previous fire 16 years ago but was completely destroyed this time.

Experts warn that climate change is intensifying heatwaves and droughts, making wildfires more frequent and severe. With Portugal and Spain recording their hottest June ever, authorities remain on high alert as conditions threaten to worsen.


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