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Markets on Edge as Bank of Canada Decides: TSX, Wall Street, and Oil in Focus — June 10, 2026

  All eyes are on Ottawa this morning. The Bank of Canada is set to release its interest rate decision at 9:45 a.m. ET today — and while markets widely expect a hold at 2.25% , the accompanying statement from Governor Tiff Macklem will be dissected for any signal about what comes next. Against a backdrop of volatile oil prices, a recent technical recession, and a still-fragile U.S.–Iran ceasefire, the stakes are higher than usual. Here's where the major markets stand heading into this pivotal session. 🇨🇦 Canada — TSX & the BoC Decision The S&P/TSX Composite has been navigating choppy waters. After a sharp 2.3% decline on June 5 — triggered by a blowout Canadian jobs report that added 88,000 positions, far exceeding forecasts — the index pulled back to trade near the 34,093 range on Tuesday before recovering somewhat to sit just above 34,500 . That jobs print, combined with a similar U.S. surprise, effectively closed the door on any rate cut hopes and forced a reasse...

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U.S. Aid Agency to Trim Workforce to Under 300 Amid Radical Overhaul

 

In a dramatic shakeup that has rattled the international development community, the Trump administration announced sweeping plans to reduce the U.S. Agency for International Development’s (USAID) workforce from over 10,000 employees to fewer than 300. Most staff members—including thousands stationed overseas—have been placed on administrative leave, with only a small core of personnel retained to manage essential, mission-critical programs.

The controversial downsizing is being driven by a broader effort led by President Donald Trump and his ally Elon Musk’s Department of Government Efficiency (DOGE) to cut what they describe as wasteful spending on foreign aid. According to officials, the remaining team will focus solely on high-priority functions such as health, humanitarian assistance, and global crisis response.

The move has already sparked legal challenges. Federal workers’ unions, including the American Foreign Service Association and the American Federation of Government Employees, have filed lawsuits claiming that the abrupt curtailment of USAID violates congressional mandates and could precipitate a global humanitarian crisis by halting critical aid programs in more than 130 countries.

Critics warn that dismantling a cornerstone of U.S. foreign assistance may not only disrupt lifesaving projects—from HIV/AIDS treatment to emergency disaster relief—but also diminish America’s soft power on the global stage. As the administration contemplates merging USAID’s remaining operations with the State Department under acting administrator Marco Rubio, questions abound over the long-term implications for U.S. influence and international development efforts.

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