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The Rate Cuts Are Over — Is a Hike Coming?

  July 23, 2026 Oil shocks, sticky inflation and a technical recession are pulling the Bank of Canada in opposite directions at once. For most of the past two years, the only question about the Bank of Canada was how far and how fast it would cut. The overnight rate fell from 5.00% to 2.25% between June 2024 and October 2025, one of the sharpest easing cycles in the Bank's history, and it has held there through six consecutive decisions since. That story is now over. The question on the table for the rest of 2026 isn't whether the Bank cuts again — it's whether the next move is actually a hike. Two conflicting signals, one Bank The case for staying put — or even cutting — comes from the growth side of the ledger. Statistics Canada data showed the economy contracted in both the fourth quarter of 2025 and the first quarter of 2026, meeting the informal definition of a technical recession. That was enough to have some economists warning the Bank had no room to raise rates at a...

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Crispy Ginger Cookies

 

Ingredients:

  • 2 cups all-purpose flour
  • 2 teaspoons ground ginger
  • 1 teaspoon ground allspice
  • 1 teaspoon ground cinnamon
  • 1/2 teaspoon ground cloves
  • 1/2 teaspoon baking soda
  • 1/2 teaspoon salt
  • 1/4 teaspoon black pepper
  • 1/2 cup granulated sugar, plus 1/2 cup for rolling
  • 1/2 cup packed light brown sugar
  • 1/2 cup unsalted butter, at room temperature
  • 1 large egg
  • 1/4 cup molasses

Instructions:

  1. In a medium bowl, whisk together the flour, ginger, allspice, cinnamon, cloves, baking soda, salt, and pepper. Set aside.
  2. Using an electric mixer, beat ½ cup of the granulated sugar, brown sugar, and butter until light and fluffy, about 3 minutes, scraping down the sides of the bowl as necessary. Add the egg and beat for about 20 seconds, then scrape down the sides of the bowl. Add the molasses and beat until just combined, then scrape down the sides of the bowl again.
  3. Add the dry ingredients, then mix on low speed until just incorporated. The dough will be very soft; refrigerate it for about one hour, or until firm enough to roll.
  4. Preheat the oven to 350°F and set a rack in the middle position. Line a baking sheet with parchment paper.
  5. Place the remaining ½ cup granulated sugar in a shallow bowl. Form the dough into 1-inch balls and roll in the sugar to coat. Place the balls on the prepared baking sheet about 2 inches apart.
  6. Bake for 10 to 12 minutes, until set and golden on the outside and slightly soft on the inside. (As they bake, they will puff up and then flatten. Do not remove them from the oven until they are flat.) Let the cookies cool on the baking sheet for a few minutes, then transfer to a wire rack to cool completely. Refrigerate the dough between batches. The cookies will keep for several days in an airtight container; freeze for longer storage.

Enjoy!

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