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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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Iraqi Militias Cross into Syria to Support Government Forces

 

Hundreds of fighters from Iran-backed Iraqi militias crossed into Syria overnight to help the government fight rebels who seized Aleppo last week, Syrian and Iraqi sources said on Monday. At least 300 fighters, primarily from the Badr and Nujabaa groups, crossed late on Sunday using a dirt road to avoid the official border crossing, two Iraqi security sources said.

"These are fresh reinforcements being sent to aid our comrades on the front lines in the north," a senior Syrian military source said, adding the fighters had crossed in small groups to avoid airstrikes. Iran's constellation of allied regional militia groups has long been integral to the success of pro-government forces in subduing rebels who rose up against President Bashar al-Assad in 2011, and they have long maintained bases in Syria.

Iranian Foreign Minister Abbas Araqchi said on Monday Syria's military was capable of confronting the rebels but, referring to the regional militia groups Tehran backs, he added that "resistance groups will help and Iran will provide any support needed". Syrian government and Russian warplanes intensified attacks on Monday in areas held by rebels in the northwest, residents and rescue workers said, including a strike on a displaced people's camp that killed seven.

The lightning rebel assault last week caught many in the region unaware, dealing Assad his biggest blow in years and reigniting a conflict that had appeared frozen for years after civil war front lines stabilized in 2020. Although Russia has been focused on the war in Ukraine since 2022, it retains an air base in northern Syria. The main Iran-backed group, Lebanon's Hezbollah, has been focused on its own war with Israel since the Gaza conflict began last year.

The rebels include mainstream groups backed by Turkey, as well as the Islamist Hayat Tahrir al-Sham which was formerly affiliated with al-Qaeda. Turkey also has a military presence in a strip of Syrian territory along its border. Kurdish-led forces that Ankara calls terrorists, but which fought Islamic State militants with U.S. help, hold territory in the northeast.

Any prolonged escalation in Syria risks further destabilizing a region already roiled by the conflicts in Gaza and Lebanon, with millions of Syrians already displaced and with regional and global powers backing rival forces in the country.




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