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Markets Digest Hot U.S. Inflation as Iran Tensions Keep Oil Elevated

Publication:  moneysavings.ca / Canadian Money Brief  Date:  Tuesday, May 13, 2026 The TSX opens cautiously Wednesday after hotter-than-expected U.S. CPI data rattled Wall Street on Tuesday, while Strait of Hormuz disruptions continue to lift energy stocks and pressure the loonie toward 1.35 against the greenback. TSX ~34,291 S&P 500 7,400.96 ▼0.16% WTI Oil ~$102/bbl ▲ Gold ~$4,721 USD/oz ▼ USD/CAD ~1.35 US CPI Apr 3.8% ▲ (est. 3.7%) Market Overview Canadian investors are starting Wednesday on a cautious note following a mixed session south of the border. U.S. equities dipped Tuesday after April's consumer price index came in at 3.8% — a touch above the 3.7% consensus forecast and the highest reading since May 2023 — while the core rate held at 2.8%, also above expectations. The data has effectively closed the door on any Federal Reserve rate cuts in 2026, with traders now pricing in a roughly 70% chance of a rate hike by April 2027. For Canadians, the ripple effects...

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Federal Workforce in Turmoil: Mass Layoffs Spark Outrage and Uncertainty

In a sweeping move that has left federal workers reeling, the Trump administration has initiated mass layoffs targeting probationary employees across various federal agencies. The abrupt terminations, which began on February 13, 2025, have sparked widespread anger, chaos, and confusion among the affected workers.

The layoffs are part of a broader effort spearheaded by the newly-established Department of Government Efficiency (DOGE), led by billionaire Elon Musk. The initiative aims to streamline government operations and reduce spending by targeting employees who have been with the federal government for less than one or two years.

Many federal workers have expressed shock and disbelief at the sudden job losses, with some receiving termination notices via email or pre-recorded messages. The manner in which the layoffs were conducted has been criticized as callous and lacking in consideration for the human impact.

The Trump administration's aggressive approach to downsizing the federal workforce has prompted condemnation from unions and legal experts, who argue that many of DOGE's actions may not be legal. The layoffs have also raised concerns about the government's ability to provide essential services to the public.

As the dust settles, federal workers and their families are left grappling with the uncertainty of their future, while the broader implications of the mass layoffs continue to unfold.



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