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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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Trudeau Stays Put Over Holidays, Freeland Eyes Leadership

 

Despite mounting pressure from within his party, Prime Minister Justin Trudeau has decided not to step down over the Christmas holidays. According to sources, Trudeau will spend Christmas in Ottawa before heading to British Columbia for a ski vacation with his family. 

The Liberal Party is currently in turmoil following the resignation of Finance Minister Chrystia Freeland. Freeland's departure has intensified calls for Trudeau to resign, with many Liberal MPs suggesting she could be a strong contender for the party's leadership. Freeland's resignation letter highlighted her disagreements with Trudeau over the direction of the government, particularly in light of the challenges posed by U.S. President-elect Donald Trump's tariff threats.

As Trudeau reflects on his future, the Liberal Party is preparing for a potential leadership contest. Freeland, who has been praised for her handling of the NAFTA negotiations and her role during the COVID-19 pandemic, is seen by many as a capable successor. However, her popularity is not universal, with some MPs criticizing the timing and manner of her resignation.

The coming weeks will be crucial for the Liberal Party as they navigate this period of uncertainty and prepare for the possibility of a new leader at the helm.

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