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5 Things to Know Today: BoC Hike Bets, TSX Slide, Oil Near $100 (Oct. 23)

  Canadian Money Brief • Friday, October 23, 2026 The Bank of Canada decision is five days away, the TSX gave back most of Wednesday's gains, and oil is flirting with US$100 again. Here are the five things Canadian wallets need to know today. 1. Markets Lean Toward a Bank of Canada Hike on Oct. 28 A decision that looked like a ninth straight hold is now a genuine coin flip with a hawkish tilt. After Governor Tiff Macklem warned that there is "no resolution in sight" for the Middle East conflict, BMO and Desjardins flipped to a hike call, Scotiabank firmed up its call and Goldman Sachs joined them, all looking for a quarter-point move to 2.50%. Overnight swaps priced about an 87% chance of a hike earlier this week, though other economists still argue for a hold, pointing to September's 68,000 job losses and a 6.5% unemployment rate. What it means for you: A quarter-point hike adds roughly $21 a month in interest for every $100,000 of variable-rate borrowing (HELOCs an...
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Trump Threatens Economic Sanctions on Canada

 

In a dramatic return to the Oval Office, U.S. President Donald Trump has announced his intention to impose significant tariffs on Canada and Mexico. Trump, who was inaugurated for his second term just a day ago, stated that he plans to implement a 25% tariff on Canadian and Mexican goods starting February 1.

This announcement has sent shockwaves through the political and economic landscape, with Canadian leaders scrambling to respond. Ontario Premier Doug Ford emphasized the need for unity among Canadian provinces to confront Trump's aggressive trade policies. Meanwhile, Alberta Premier Danielle Smith has expressed reluctance to fully support federal retaliation plans, citing concerns over Alberta's energy sector.

The proposed tariffs are part of a broader series of executive actions by Trump, which include withdrawing from the Paris climate accord and the World Health Organization, as well as threatening military action against drug cartels in Mexico. The situation remains fluid, with both countries bracing for potential economic fallout.


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