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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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Yemen’s Houthi Rebels Shoot Down US Reaper Drone: Aerial Clash Escalates Tensions

 

Yemen’s Houthi rebels have claimed responsibility for shooting down another of the U.S. military’s MQ-9 Reaper drones. The rebels released footage showing wreckage that corresponds to known pieces of the unmanned aircraft. According to the Houthis, they used a surface-to-air missile to down the Predator drone over their stronghold in the country’s Saada province. The video includes close-ups of parts with the logo of General Atomics, the manufacturer of the drone, and serial numbers matching known components made by the company.

This incident is part of a renewed series of assaults by the Houthis following a relative lull in their pressure campaign over the Israel-Hamas war in the Gaza Strip. While U.S. officials have not immediately commented on the Houthi footage, CBS News previously reported an anonymous U.S. military official acknowledging a drone crash in Yemen.

The MQ-9 Reaper drone, which costs around $30 million each, can fly at altitudes up to 50,000 feet and has an endurance of up to 24 hours before needing to land. Since the Houthis seized Yemen’s north and its capital of Sanaa in 2014, the U.S. military has lost at least five drones to the rebels, including this recent shootdown. The ongoing conflict in Yemen continues to escalate tensions in the region, with the Houthis also launching attacks on shipping in the Red Sea and Gulf of Aden, demanding an end to the war in Gaza.

As the situation unfolds, both sides remain on high alert, and the international community closely monitors developments in this volatile region. The downing of the U.S. Reaper drone adds another layer of complexity to an already fraught conflict landscape.

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