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5 Things to Know Today — September 22, 2026

  September 22, 2026 BoC hike odds reach a coin flip. Oil retreats from four-month highs. Trump's Belarus potash play draws fire. A new federal bill speeds up major projects — with strings attached. Here's what moves your money today. 1. BoC October Hike Is Now a Coin Flip The Bank of Canada next meets October 28 , and markets are evenly split on whether it will raise rates for the first time since cutting to 2.25%. The whiplash is largely imported: after the U.S. Federal Reserve hiked 25 basis points to 3.75–4.00% on September 16 in a unanimous 12-0 vote — the first American rate increase since July 2023 — market-implied odds of a matching BoC move jumped from below 10% to roughly 60% in two weeks, according to LSEG Data & Analytics. Before the BoC's September 2 hold, odds of a hold sat at 94%. The 175-basis-point gap between the BoC (2.25%) and the Fed (3.75–4.00%) is the widest since 2022, which puts direct downward pressure on the loonie and upward pressure on Ca...

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Tariff Truce, but Trade Tensions Linger

 

A temporary pause in U.S. tariffs has provided a brief respite for Canada, yet uncertainty continues to cloud North American trade relations. President Donald Trump’s decision to delay the 25% tariffs on Canadian and Mexican imports for 30 days—pending further border security and anti-drug measures—has momentarily stalled a looming trade war. However, Canadian officials and business leaders remain wary that this delay may only be a short intermission in a longer-term conflict.

Prime Minister Justin Trudeau’s government has moved quickly by announcing initiatives such as a $1.3 billion border security plan, the appointment of a “fentanyl czar,” and the deployment of additional border personnel. Despite these measures, major Canadian unions and provincial leaders warn that the threat of reimposed tariffs could still jeopardize jobs and disrupt economic stability. Industries dependent on cross-border supply chains—from energy to manufacturing—are bracing for potential price increases and operational disruptions, with investors watching market responses closely.

While financial markets showed only a modest selloff after the announcement, many remain cautious about what future negotiations might bring. The administration’s focus on curbing illegal immigration and drug trafficking has, for now, diverted immediate tariff implementation, but the possibility of renewed tariff action—potentially even extending to goods from the European Union—keeps uncertainty alive on both sides of the border.


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