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Bank of Canada Holds at 2.25% — What the Fine Print Means for You

  July 15, 2026  |  Canadian Money Brief The Bank of Canada held its policy rate at 2.25% today, exactly as every economist surveyed expected. The number didn't move — but the story underneath it did. Between renewed oil-market chaos, a stubbornly hot inflation reading, and an economy that's finally showing signs of life, this "boring" hold decision was anything but simple. If you've been following our preview piece from earlier this week , this is the follow-up: what actually happened, and what it means for your mortgage, your savings, and your grocery bill. The Decision, in Plain English This marks the sixth consecutive hold since the Bank's last cut back in October 2025. The overnight rate stays at 2.25%, the Bank Rate at 2.5%, and the deposit rate at 2.20%. Bank prime — the number that actually determines your variable mortgage or line of credit rate — stays put at 4.45%. Governor Tiff Macklem has described this level as sitting near the bottom of the Bank...
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Madeira Wildfires: A Battle Against Nature’s Fury


For the past eight days, wildfires have been spreading across the picturesque Portuguese island of Madeira, causing widespread destruction and threatening local communities. The situation remains critical as firefighters battle to contain the flames.

Key Points:

  1. Island in Crisis: Madeira, known for its lush landscapes and vibrant tourism industry, is now grappling with a disaster. The fires have consumed large swaths of forested areas, leaving behind charred landscapes and smoke-filled skies.

  2. Emergency Response: The European Union (EU) has stepped in to provide assistance. Firefighting teams from neighboring countries are joining local efforts to control the flames. Aerial firefighting resources, including water-dropping planes and helicopters, have been deployed.

  3. Evacuations: Residents and tourists have been evacuated from affected areas. Emergency shelters are providing refuge for those displaced by the fires.

  4. Environmental Impact: The fires have ecological consequences, endangering native flora and fauna. The island’s unique biodiversity is at risk.

  5. Investigation: Authorities are investigating the cause of the fires. While extreme heat and dry conditions are contributing factors, deliberate arson has not been ruled out.


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