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5 Things to Know Today — Fed Hikes, BoE Warns, and the TSX Is Bouncing Back

  The Fed's first rate hike since 2023 rocked markets Wednesday. Here's what it means for your wallet on Friday, September 18. Friday, September 18, 2026  |  moneysavings.ca 1 The Fed Hiked — First Time Since 2023 The U.S. Federal Reserve raised its benchmark interest rate by 25 basis points to a target range of 3.75%–4.00% on Wednesday — the first hike since June 2023. Chair Kevin Warsh cited persistent inflation tied to elevated oil prices and a still-resilient economy, saying recent inflation readings hadn't improved enough to justify holding. The decision was unanimous. The updated dot plot signals one more potential hike by year-end, then a pause through 2027. Markets initially sold off, but U.S. futures are rebounding this morning as investors reframe the move as a sign the Fed is serious about getting inflation under control. 💡 What It Means for You A higher U.S. federal funds rate puts upward pressure on Canadian bond yields and mortgage rates. The BoC is already...

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Rising Temperatures and Wildfire Smoke: A Call for Disaster Recognition

 

As the mercury soars and wildfire smoke blankets the skies, a coalition of environmentalists, labor unions, and public health advocates have united with a singular demand: classify extreme heat and wildfire smoke as major disasters in the United States. This plea, directed at the Federal Emergency Management Agency (FEMA), seeks to unlock critical funding and resources to bolster community resilience against these increasingly frequent and intense climate events.

The petitioners argue that the recognition of extreme heat and smoke as major disasters is overdue. They draw parallels to FEMA’s rapid response to the Covid-19 pandemic, suggesting that similar urgency is needed to combat the lethal consequences of climate change. The statistics are alarming: an estimated 2,300 Americans succumbed to heat-related illnesses in 2023, the hottest year on record. Meanwhile, smoke from Canadian wildfires has traveled as far south as Georgia, disrupting lives and livelihoods.

The groups emphasize that extreme heat acts as a “harm multiplier,” exacerbating health risks and economic burdens, particularly for disadvantaged communities. Their petition underscores the need for proactive measures, such as air filters and rooftop solar systems, to mitigate the impacts of these climate crises before they strike. As the planet warms, the call for action grows louder, urging FEMA to step up and recognize the gravity of these environmental threats.

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