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Weekly Market Snapshot: TSX Holds Firm, Loonie Under Pressure as Energy Prices and Rate Uncertainty Dominate | May 23, 2026

  Markets navigated a week of competing signals — elevated energy prices, persistent U.S. inflation, and a Bank of Canada holding steady at 2.25% — as the TSX showed resilience while the Canadian dollar faced modest headwinds. Here's everything that moved the needle this week. 📊 Key Numbers at a Glance S&P/TSX Composite ~34,268 ▲ +7.1% YTD USD/CAD Rate 1.37 ▼ Off Apr. 30 high of 1.358 WTI Crude Oil ~$99/bbl ↑ ~50% since Iran conflict onset BoC Policy Rate 2.25% Held — May 2026 Canada CPI (April) 2.8% ↑ from 2.4% in March TSX Equities — Resilience Holds The S&P/TSX Composite has maintained its upward trajectory through the first half of 2026, up roughly 7.1% year-to-date as of the end of April — and analysts at CIBC continue to project an 11% overall gain for the full year . The energy and materials sectors have been the primary engines of that performance, with oil-price tailwinds from Middle East tensions providing a significant boost to Canadian producers. On the blue-c...

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Data Derailed: $900 Million Cut from U.S. Education Research

 

In a dramatic move that has rattled the education community, Elon Musk’s cost-cutting initiative, the Department of Government Efficiency (DOGE), has slashed nearly $900 million in contracts from the U.S. Department of Education’s research arm, the Institute of Education Sciences (IES). The cuts—announced via a DOGE post on the social media platform X—affect dozens of multi‐year agreements designed to track student learning from kindergarten through high school.

According to DOGE, 89 contracts totaling approximately $881 million have been terminated, with one contractor’s $1.5 million deal to “observe mailing and clerical operations” cited as an example of expenditures deemed wasteful. While the move spares flagship projects such as the National Assessment of Educational Progress (NAEP)—widely known as the nation’s report card—as well as data tools like the College Scorecard, critics worry that the broader impact will be felt in the erosion of long-term educational research.

Lawmakers and education experts have expressed strong concerns that the termination of these contracts will undermine the ability to collect and analyze essential data on school performance and student outcomes. Senator Patty Murray, a former preschool teacher and a vocal advocate for robust public education research, lambasted the decision as “bulldozing the research arm” of the Education Department. “Without such research, our ability to pinpoint achievement gaps and to improve educational practices is severely compromised,” she said.

Supporters of the cuts argue that they are a necessary step in eliminating inefficiencies and ensuring that taxpayer dollars are spent wisely. A spokesperson for the department explained that the canceled contracts were identified as “waste, fraud, and abuse” and that the action aligns with an administration-wide effort to focus on “meaningful learning.”

This sweeping retrenchment comes amid ongoing debates over the federal role in education. President Donald Trump has long promised to decentralize education and return more control to the states—a vision that now appears to be taking shape through DOGE’s aggressive budget-cutting measures. However, as researchers and local educators brace for potential fallout, the long-term implications of dismantling a key source of national education data remain deeply uncertain.

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