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Macklem Just Raised the Inflation Alarm: What Monday’s CPI Means for Your Wallet

  Canadian Money Brief  |  Sunday, October 18, 2026  |  Written ahead of Monday’s 8:30 am ET inflation release Bank of Canada Governor Tiff Macklem has just told Canadians what the central bank is about to say on October 28: its inflation forecast is going up, and by a lot. The reason is oil. With the Middle East conflict dragging on, shipments still curtailed and refinery capacity damaged, he said the risk that inflation broadens and lingers has gone up. Speaking to reporters from Bangkok on Saturday, he framed the coming decision as a simple question: will inflation drift back toward 2% on its own, or does the Bank need to raise rates to nudge it there? Monday is the first real clue. Here is what is landing, what economists expect, and what it could mean for your gas bill, your grocery cart, your heating costs and your mortgage. 3.0% August CPI, year over year 3.2% September consensus (Reuters poll) 2.25% BoC policy rate, unchanged for nearly a year Oct 28 Rat...
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Trump Considers 25% Tariffs on Canadian and Mexican Goods Starting February 1

In a significant move, U.S. President Donald Trump has suggested the possibility of imposing a 25% tariff on goods imported from Canada and Mexico as early as February 1. This announcement comes shortly after his inauguration as the 47th President of the United States.

During his first day in office, Trump signed a series of executive orders and hinted at the potential tariffs while addressing concerns about the borders with Canada and Mexico. Although he did not impose the tariffs immediately, he directed federal agencies to investigate and address trade deficits and unfair trade practices by other nations, including Canada and Mexico.

The proposed 25% tariff could have severe economic repercussions for Canada, potentially leading to a recession and requiring government intervention to stabilize the economy. In response, Canada has prepared a plan to impose retaliatory tariffs on $37 billion worth of American goods if Trump proceeds with the trade action.

Finance Minister Dominic LeBlanc expressed cautious optimism, noting that the threat of tariffs might be suspended for now, but emphasized the importance of being prepared for any scenario. The situation remains fluid, and both countries are closely monitoring developments as they unfold.


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