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Bank of Canada Holds the Line as Global Turmoil Clouds Outlook

  Bank of Canada Governor Tiff Macklem takes part in a press conference in Ottawa on September 17, 2025 The Bank of Canada has opted to keep its key interest rate steady at 2.25%, a decision that reflects the delicate balancing act policymakers face as global uncertainty intensifies. With inflationary pressures rising and economic growth showing signs of strain, the central bank is navigating a narrow path shaped by forces largely outside its control. A major driver of the current tension is the surge in oil prices triggered by ongoing geopolitical conflict. Higher energy costs are feeding into broader inflation, raising concerns that price pressures could become more persistent. At the same time, elevated borrowing costs and weakening consumer confidence are weighing on domestic economic momentum. By holding the rate, the Bank of Canada signals caution: it aims to avoid stifling growth while still keeping inflation expectations anchored. The central bank emphasized that it rema...
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Kremlin Rejects Dialogue With EU’s Kallas

 

EU High Representative for Foreign Affairs and Security Policy and Vice-President of the European Commission Kaja Kallas accompanied by Commander of EUFOR Major General Florin-Marian Barbu.

Russia has issued a blunt dismissal of any possibility of diplomatic engagement with the European Union’s foreign policy chief, Kaja Kallas. The Kremlin stated that it has no intention of holding discussions with her and will instead wait until her term ends before considering renewed contact with EU leadership.

Kremlin spokesperson Dmitry Peskov framed the stance as definitive, describing Kallas as an unacceptable counterpart for dialogue. His remarks reflect Moscow’s broader frustration with EU policy toward Russia, particularly regarding sanctions and support for Ukraine.

The refusal marks another setback in already strained relations between Moscow and Brussels. With the Kremlin signaling it will simply “wait out” Kallas’s tenure, prospects for meaningful diplomatic progress between Russia and the EU remain distant.


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