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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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Zapad-2025 Drills See Moscow and Minsk Simulate Nuclear Strike Scenarios

 

A Belarusian Mi-35 attack helicopter flies during the joint Russia-Belarus 'Zapad-2025' military drills near Borisov, Belarus.


Russia and Belarus have concluded a five-day series of joint military exercises, codenamed Zapad-2025, which included rehearsals for the launch of Russian tactical nuclear weapons stationed on Belarusian soil. Belarusian President Alexander Lukashenko confirmed that the drills involved both conventional and nuclear scenarios, as well as the deployment of Russia’s Oreshnik intermediate-range ballistic missile — a system first used in Ukraine last year.

The exercises, conducted across Belarus and parts of Russia, were officially described as a test of combat readiness. However, they have heightened tensions in the region, coming just days after Polish and NATO forces intercepted Russian drones that entered Polish airspace.

Belarus, a close ally of Moscow, hosts Russian tactical nuclear weapons under Russian command and has been refurbishing Soviet-era nuclear storage facilities. Lukashenko insisted the drills were not intended as a threat, but Western analysts view them as a show of force aimed at Europe amid the ongoing war in Ukraine.

The Zapad-2025 maneuvers have drawn sharp attention from NATO members bordering Belarus — Poland, Lithuania, and Latvia — who have increased security measures in response to the exercises.


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