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The Fed Decides Wednesday — Here's What It Means for Your Mortgage, the Loonie, and Your RRSP

  Monday, July 27, 2026 The U.S. Federal Reserve hands down its rate decision at 2 p.m. ET on July 29. For most Canadians it will feel like background noise. It isn't — here's the plain-language version of why it touches your mortgage, your cross-border spending, and whatever's sitting in your RRSP. The short version: Markets are pricing roughly a two-in-three chance the Fed holds its rate at 3.50%–3.75% on Wednesday. That's not the story. The story is that this is one of the least certain "sure thing" holds in years — and Chair Kevin Warsh's press conference at 2:30 p.m. ET could matter more than the decision itself. Why this meeting is different The Fed has held its benchmark rate steady at 3.50%–3.75% through every meeting so far in 2026. On paper, Wednesday should be more of the same. Under the hood, it's messier. Persistent inflation, running well above the Fed's 2% target for a fifth straight year, has kept a rate hike on the table. The oil-...
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Ontario Braces for Storm-Driven Cooldown as Atlantic Heat Wave Persists

 

Southern and eastern Ontario are set to get a break from the sweltering heat this week as a cold front sweeps through, bringing showers and thunderstorms. The system is expected to deliver the most significant rainfall in weeks to some regions, with totals ranging from 5 to over 30 mm in localized downpours. While the storms may briefly mix wildfire smoke closer to the surface, temperatures will ease to more seasonal highs in the upper 20s by midweek.

In contrast, the Atlantic provinces remain locked in an intense heat wave. New Brunswick, Nova Scotia, and Prince Edward Island are seeing daytime highs in the mid-to-high 30s, with humidex values pushing the feel closer to 40. Newfoundland and Labrador face similar conditions, with some areas under heat warnings until Friday. Environment Canada continues to urge residents to stay hydrated, limit outdoor activity, and watch for signs of heat-related illness.

While Ontario’s cooldown offers a taste of late-summer relief, much of Atlantic Canada will have to endure several more days of oppressive heat before temperatures begin to moderate.

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