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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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Ukraine’s Neptune Missiles Strike Novorossiysk Port, Damaging Key Russian Infrastructure

 


Ukraine's President Volodymyr Zelenskiy awards a Ukrainian serviceman while he visits a command position of the 65th Separate Mechanized Brigade 'Velykyi Luh' at a front line, amid Russia's attack on Ukraine, in Zaporizhzhia region, Ukraine November 13, 2025.


Ukrainian forces carried out a significant overnight strike on Russia’s Black Sea port of Novorossiysk, using domestically produced Neptune cruise missiles. The attack, which took place on the night of November 13–14, 2025, targeted strategic military and energy facilities in the port city of Krasnodar Krai.

According to Ukraine’s General Staff, the strike damaged valuable port infrastructure, including the Sheskharis oil terminal, a launcher from Russia’s S-400 air defense system, and a missile storage site. The latter reportedly detonated, causing fires across the port area. Video footage and reports confirmed that drones accompanied the missile barrage, amplifying the destruction.

President Volodymyr Zelenskyy described the operation as a “justified response” to Russia’s ongoing terror campaign, noting that Ukraine’s long-range Neptune systems are delivering increasingly precise results. The Neptune-MD, a modified version of the R-360 anti-ship missile, has a range of up to 1,000 km (621 miles), enabling Ukraine to strike deep into Russian territory.

The Novorossiysk port is one of Russia’s most important Black Sea facilities, serving as a hub for oil exports and naval operations. The strike triggered a state of emergency, with fires reported at oil and container terminals. Analysts suggest the attack is part of Ukraine’s broader strategy to undermine Russia’s energy export capacity and naval dominance in the Black Sea.

Meanwhile, Russia responded with a massive aerial assault on Kyiv, launching 430 drones and 18 missiles, which killed at least six people and injured dozens. The exchange highlights the escalating intensity of the conflict, as both sides target critical infrastructure to weaken each other’s war effort.

Ukraine’s successful use of Neptune missiles against Novorossiysk marks a new phase in the war, demonstrating Kyiv’s ability to strike strategic assets far beyond the front lines. The full extent of the damage to Russia’s port facilities is still being assessed, but the attack underscores Ukraine’s growing long-range strike capabilities.


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