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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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Deadly Strikes in Kyiv Shadow U.S.–Russia Peace Talks in Abu Dhabi



As diplomats from the United States and Russia convened in Abu Dhabi to discuss possible pathways to end the war in Ukraine, the conflict on the ground intensified with deadly consequences. Russian missile and drone strikes on Kyiv overnight killed at least six people and wounded more than a dozen, according to Ukrainian emergency officials. The attacks damaged residential buildings and energy infrastructure, leaving parts of the capital without water, electricity, or heating.

The timing of the strikes underscored the fragile nature of the diplomatic push. U.S. Army Secretary Dan Driscoll led the American delegation in Abu Dhabi, following earlier talks with Ukrainian officials in Geneva. The meetings, approved by Russian President Vladimir Putin, are part of a renewed effort by Washington to broker a peace plan. However, the proposals reportedly involve conditions such as limiting Ukraine’s military capabilities and barring NATO membership—terms Kyiv has long rejected as unacceptable.

Meanwhile, Ukraine launched its own counterstrikes in Russia’s Rostov region, killing three people and damaging homes. The tit-for-tat assaults highlight the difficulty of achieving a ceasefire while both sides continue to escalate militarily.

European leaders have warned against any settlement that could amount to capitulation for Ukraine, stressing that a lasting peace must respect Ukraine’s sovereignty and territorial integrity. Ukrainian President Volodymyr Zelenskyy is also expected to engage in further talks with U.S. officials this week, as Kyiv seeks assurances that its interests will not be sidelined in negotiations.

The Abu Dhabi talks are seen as preliminary, laying the groundwork for higher-level engagements in the future. Yet, with missiles still raining down on Ukrainian cities, the gulf between diplomacy and battlefield realities remains stark.


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