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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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Egypt Proposes Ceasefire Amid Escalating Gaza Conflict

Egypt has stepped forward with a new truce proposal aimed at restoring peace in Gaza, following a surge in violence that has claimed the lives of at least 65 Palestinians in the past 24 hours. The escalation began after Israel resumed air and ground operations against Hamas, effectively ending a two-month period of relative calm.

The Egyptian plan reportedly includes a phased approach, with Hamas releasing five Israeli hostages each week. In return, Israel would implement the second phase of the ceasefire after the first week. The proposal also outlines a timeline for Israel's full withdrawal from Gaza, backed by U.S. guarantees.

While both Hamas and the U.S. have expressed tentative agreement to the proposal, Israel has yet to respond. The situation remains dire, with nearly 700 Palestinians reported killed since the resumption of hostilities, including many women and children. Humanitarian agencies have raised alarms over the worsening conditions in Gaza, where thousands are displaced and essential supplies are running critically low.

This latest effort by Egypt underscores the urgent need for a resolution to the ongoing conflict, as the region faces a mounting humanitarian crisis.

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