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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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Pope Leo XIV Urges Global Action to End ‘Pandemic of Arms’ After Minnesota Tragedy

 

                                            People gather as Pope Leo XIV delivers his blessing at the Vatican on Aug. 31, 2025.

 Pope Leo XIV has called for an end to what he described as the “pandemic of arms, large and small,” following a deadly shooting at a Catholic school Mass in Minneapolis. Speaking in English during his Sunday Angelus blessing from St. Peter’s Square, the first U.S.-born pontiff expressed deep sorrow for the victims and condemned the “logic of weapons” that fuels violence worldwide.

The attack, which took place at the Church of Annunciation, claimed the lives of two children and injured 20 others. The shooter fired 116 rifle rounds through the church’s stained-glass windows before dying by suicide.

Pope Leo, who initially offered condolences without political commentary, used his latest address to urge both an immediate ceasefire in global conflicts and a shift toward dialogue and peace. “The voice of weapons must be silenced, while the voice of fraternity and justice must rise,” he said.

The pontiff’s remarks come amid renewed debates over gun violence in the United States and growing calls for international cooperation to curb the spread of arms.


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