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BoC Opens the Door to Rate Hikes: What It Means for Your Mortgage

  Published September 4, 2026 The Bank of Canada held its policy rate at 2.25% on September 2 — the seventh straight hold — but Governor Tiff Macklem didn't sound like a central banker done for the year. He told reporters the Bank is "prepared to raise interest rates, and if it takes more than one increase, we're prepared to do that," if inflation stays too high. That's a real shift in tone, and it lands right as a wave of Canadians hit their mortgage renewal date. Here's what changed, who's forecasting what, and what it actually means for your payment. Why the Bank Suddenly Sounds Hawkish Canada's annual inflation rate has climbed to around 3% — a full point above the Bank's 2% target — and the Bank is pointing squarely at energy prices. Oil has stayed elevated because of the Iran conflict and disruption near the Strait of Hormuz, pushing gas prices up and dragging headline CPI with it. Core inflation, which strips out food and energy, is still s...
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Government Shutdown Leaves Millions Hungry as SNAP Benefits Halt

 

People wait in line for free food at the World of Life Christian Fellowship International food pantry in the Bronx borough of New York.


As the federal government shutdown drags on, millions of Americans have been left without Supplemental Nutrition Assistance Program (SNAP) benefits, forcing families to turn to food pantries in record numbers. Across the country, long lines have formed outside community centers, churches, and drive-through food distribution sites as people scramble to replace the groceries they once purchased with federal aid.

In cities like Louisville, Kentucky, volunteers handed out boxes of food to cars lined up for blocks, while in the Bronx, New York, pantries reported hundreds more visitors than usual in a single day. For many, SNAP was their primary lifeline, and its sudden suspension has created what food banks are calling an “inevitable crisis.”

The U.S. Department of Agriculture confirmed that funding for SNAP has run out, leaving more than 40 million low-income Americans without assistance. Families who rely on the program now face impossible choices between paying rent, covering medical bills, or putting food on the table. Community food banks, already stretched thin by rising demand, warn that they cannot sustain this level of need for long.

Advocates stress that the timing is especially devastating, with the cutoff arriving just as colder weather sets in and the holiday season approaches. Food insecurity, already on the rise, is expected to worsen sharply if the shutdown continues.

For now, local organizations are stepping up to fill the gap, but their leaders caution that charity cannot replace a federal safety net. As one pantry director put it, “We’re doing everything we can, but without SNAP, the need is overwhelming.”

The crisis underscores the fragility of America’s food security system, where millions depend on government assistance to meet basic nutritional needs. Until lawmakers resolve the shutdown, food banks will remain the frontline defense against hunger—though their shelves are quickly emptying.


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