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5 Things to Know Today — September 24, 2026

  Thursday, September 24, 2026 5 Things to Know Today Bond yields are hitting levels not seen in decades, Trump and Xi just extended a trade truce, and the Bank of Canada is mired in a near-100-day strike. Here's what Canadians need to know this morning. 1 · Markets TSX Sinks as Bond Yields Hit Multi-Decade Highs The TSX dropped 584 points on Wednesday — a 1.61% slide — closing at 35,751.43 and breaking through its 25-day and 50-day moving averages. It was the worst single-session performance in weeks, reversing three straight days of gains. The selloff was driven by rising energy prices and a global bond market rout that has sent U.S. 10-year Treasury yields toward 5.1%, their highest since 2007, while Canada's 30-year yield hit a level not seen since 2004. Higher yields pull money out of equities and push up borrowing costs across the board. Big bank stocks led the decline — RBC fell 2%, TD dropped 2.4%, BMO shed 2%, and Scotiabank retreated 1.6% — while gold miners added to ...
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Iran’s Currency Hits Record Low Amid Nowruz Celebrations

 


On Sunday, Iran’s currency plummeted to a record low, reaching 613,500 rials to the dollar. This significant devaluation occurred as Iranians celebrated the Persian New Year. The streets of Tehran’s main exchange hub in Ferdowsi Street were abuzz with people attempting to exchange their rials for foreign currency. However, most exchange shops remained closed due to the ongoing Nowruz holidays, which span from March 20 to April 2.

Holiday Impact on Exchange Rates

  • Mohsen, a 32-year-old exchange shop employee, explained that the holiday season contributed to the low prices. He stated, “The price is not real; the demand for purchasing dollars is very high, but there are just a few exchange shops open.” Many Iranians echoed this sentiment, emphasizing the scarcity of open shops during the festive period.
  • Mojtaba, a 49-year-old father, expressed shock at the rapid decline: “The rial fell 5% compared to the last six days, while the whole country is on vacation!”
  • Niloufar, a 28-year-old wife, and her husband Behzad, 30, had initially booked a discounted weeklong tour of Turkey. However, with the currency depreciation, they now faced the prospect of paying full price for their trip.

Economic Struggles and Inflation

  • The exchange rate significantly impacts other markets, including housing and rentals. Notably, the rial’s value has eroded dramatically over the years. In 2015, it was worth about one-twentieth of its current value when Iran signed a nuclear accord with world powers.
  • Since then, the rial has fallen from 32,000 rials to the dollar to the hundreds of thousands. In February 2023, it briefly reached a nadir of 600,000 reals to the dollar and has not risen above 439,000 since then.
  • The government’s Statistics Center reported an inflation rate of 42.5% for February 2024, while the Central Bank cited a higher figure of over 46%. The discrepancy remains unexplained.

Tensions and Failed Diplomacy

  • Iran’s relations with the West have been strained since then-U.S. President Donald Trump abandoned the nuclear deal. President Joe Biden expressed willingness to re-enter the agreement, but formal talks collapsed in August 2022.
  • Meanwhile, tensions in the Middle East continue to escalate, further complicating nuclear diplomacy with Iran.

As Iranians celebrate Nowruz, their economic challenges persist, and the value of their currency remains precarious.

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