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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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U.S. Envoy Presses Netanyahu as Gaza Teeters on Famine and Ceasefire Talks Stall

 

                                                    Israel has eased aid restrictions in Gaza following international
                                                    condemnation and fears of famine.  

U.S. Special Envoy Steve Witkoff met with Israeli Prime Minister Benjamin Netanyahu on Thursday in a renewed push to revive stalled ceasefire negotiations and address the deepening humanitarian crisis in Gaza.

Witkoff’s visit comes as indirect talks between Israel and Hamas in Doha collapsed last week, with both sides blaming each other for the impasse. The key sticking points include the extent of Israeli military withdrawal and the release of hostages in exchange for Palestinian prisoners.

The humanitarian situation in Gaza has reached alarming levels. According to Gaza health officials, at least 156 people—mostly children—have died from starvation and malnutrition, with aid convoys facing peril from both Israeli forces and looters. In response to mounting global outrage, Israel announced a daily 10-hour pause in military operations to allow aid deliveries, though the UN has warned that the volume of aid remains “far from enough”.

Canada recently joined other Western nations in recognizing a Palestinian state, increasing diplomatic pressure on Israel to reach a resolution. Meanwhile, Netanyahu remains firm in his stance that the war will not end until Hamas relinquishes control of Gaza and disarms—a demand Hamas has rejected.

Witkoff is expected to visit aid distribution sites and continue diplomatic efforts, though prospects for a breakthrough remain uncertain.


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