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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 Strikes Russian Energy Hubs with Missiles and Drones

An artilleryman of the 44th Separate Artillery Brigade, named after Hetman Danylo Apostol, of the Armed Forces of Ukraine, carries a cartridge as he prepares to fire a M777 Howitzer towards Russian troops.

On December 25, 2025, Ukraine launched a coordinated assault on Russian energy infrastructure, deploying Storm Shadow cruise missiles alongside long-range drones. According to the Ukrainian General Staff, the strikes hit the Novoshakhtinsk oil refinery in Russia’s Rostov region, one of southern Russia’s largest suppliers of diesel and jet fuel for the military. Multiple explosions were reported, and the facility was forced offline.

In addition to the refinery, Ukraine’s Security Service (SBU) confirmed drone attacks on facilities in Temryuk and Orenburg. Fuel tanks in Temryuk caught fire, while a gas processing plant in Orenburg was shut down, further disrupting Russia’s energy output.

Ukrainian officials stated that these operations are designed to undermine Russia’s military logistics and economic resilience, pressuring Moscow to scale back its war campaign. Russia acknowledged fires at several sites but has yet to release full damage assessments.

This latest wave of strikes highlights Kyiv’s growing reliance on precision long-range weapons to hit deep inside Russian territory, signaling a shift in strategy toward crippling Moscow’s industrial backbone.

Key Points

  • Date: December 25, 2025
  • Weapons Used: Storm Shadow missiles, long-range drones
  • Targets: Novoshakhtinsk refinery (Rostov), Temryuk fuel tanks, Orenburg gas plant
  • Impact: Major fires, shutdowns, disruption of Russian fuel supply to military


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