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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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Senate Vote Paves Way to End Historic Shutdown


The US Capitol dome, more than a month into the longest US government shutdown, in Washington, DC, on November 10, 2025

The U.S. Senate has taken a decisive step toward ending the nation’s longest-ever government shutdown, passing a bipartisan funding bill late Monday night. The measure, approved by a 60–40 vote, will keep the government funded through January 30, 2026, and restore pay for hundreds of thousands of federal employees who have gone without wages for more than five weeks.

The shutdown, which lasted 41 days, disrupted essential services, delayed food aid, and snarled air travel across the country. Nearly all Republicans supported the bill, joined by eight Democrats and one Independent who broke ranks to secure the necessary votes.

The legislation now moves to the House of Representatives, where lawmakers are expected to vote later this week. If passed, the bill will head to President Donald Trump, who has signaled his willingness to sign it into law.

While the agreement funds the government and averts further layoffs, Democrats were unable to secure an immediate extension of federal health subsidies. Instead, the deal guarantees a December vote on the issue, which affects millions of Americans.

House Speaker Mike Johnson has urged members to return to Washington quickly, emphasizing the urgency of ending the shutdown’s widespread impact.

If the House follows the Senate’s lead, the shutdown could officially end within days, bringing relief to federal workers and restoring stability to government operations.


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