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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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New Tariffs on Canadian Oil and Gas Could Drive Up U.S. Energy Prices

Energy producers are sounding the alarm over proposed tariffs on Canadian oil and gas, warning that such measures could lead to higher prices for U.S. consumers. The Trump administration has announced plans to impose a 25% tariff on all imports from Canada, including energy products, as part of an effort to curb illegal immigration and drug trafficking. 

Canada is the largest supplier of crude oil to the United States, with over 3.8 million barrels per day being imported. Industry experts argue that tariffs would not only hurt the Canadian energy sector but also result in increased costs for American consumers. "Imposing tariffs on Canadian oil would lead to higher gasoline and diesel prices in the U.S.," said Richard Masson, an executive fellow at the University of Calgary's School of Public Policy.

The potential tariffs have sparked concern among U.S. energy producers, who fear that the increased costs could disrupt supply chains and lead to inflation. "This is a lose-lose situation for both countries, added Dennis McConaghy, a former executive with TC Energy. 

As negotiations continue, the energy industry is urging policymakers to consider the broader economic impact of such tariffs and to seek alternative solutions to address the underlying issues.




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