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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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US Grants 30-Day Waiver Allowing Purchase of Russian Oil Stranded at Sea

MT Mount Fuji, a Russian oil tanker carrying Russian oil, waits to unload near Narara Marine National Park in the Arabian Sea, Gujarat, India, March 11, 2026..

The United States has issued a temporary 30-day sanctions waiver permitting countries to purchase Russian crude oil and petroleum products currently stranded at sea. According to Treasury Secretary Scott Bessent, the move aims to stabilize global energy markets disrupted by the ongoing Iran conflict. The waiver applies specifically to oil loaded on vessels as of March 12 and remains valid until April 11. 

Russia’s presidential envoy Kirill Dmitriev noted that the measure could affect up to 100 million barrels of Russian crude—nearly a full day of global output—highlighting the scale of oil currently in transit. Oil prices eased slightly in Asia following the announcement, reflecting cautious optimism that the waiver may help ease supply pressures amid heightened geopolitical tensions. 

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