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5 Things to Know Today: Fed Decision Looms, TSX Slides, Gas Prices Climb (Sept 16)

  Wednesday, September 16, 2026 The Fed's biggest decision in years lands at 2 p.m. ET today, the TSX and loonie are both licking their wounds, and drivers are paying more at the pump despite the gas tax holiday. Here's what's moving your money this morning. 1. The Fed Decides on Rates Today — and a Hike Looks All but Certain The Federal Reserve announces its rate decision at 2 p.m. ET, with Chair Kevin Warsh's press conference to follow at 2:30 p.m. Markets have priced in over 90% odds of a 25-basis-point hike, which would lift the target range to 3.75%–4.00% from 3.50%–3.75%, where it's sat since December. It would be the first hike of this cycle, driven by inflation still running above target even as the labour market holds up. What it means for you: A Fed hike widens the gap with the Bank of Canada's 2.25% rate, which tends to pressure the loonie lower and nudge Canadian bond yields — and by extension fixed mortgage pricing — upward. Watch for the reaction ...
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Finance Minister Chrystia Freeland Resigns Amid Budget Deficit Blowout

 

In a shocking turn of events, Finance Minister Chrystia Freeland announced her resignation from Prime Minister Justin Trudeau's cabinet on Monday. The announcement came just hours before the release of the government's fall economic statement, which revealed a staggering budget deficit of C$61.9 billion, overshooting the target by C$20 billion.

Freeland cited disagreements with Trudeau over the government's economic policies as the primary reason for her departure. She expressed concerns about the "costly political gimmicks" and urged the Prime Minister to collaborate more closely with the country's premiers to address economic challenges.

The fall economic statement, tabled by Government House Leader Karina Gould in Freeland's absence, included over C$20 billion in new spending and highlighted the growing fiscal deficit. The government also pledged C$1.3 billion for border security measures in response to threats of steep tariffs from U.S. President-elect Donald Trump.

Freeland's resignation has thrown the government into disarray, raising questions about the future direction of Canada's economic policies and the potential impact on the upcoming general elections.



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