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5 Things to Know Today About Your Money — May 12, 2026

  A lot is happening in the Canadian money world right now. From a new sovereign wealth fund you can actually invest in, to lower payroll costs coming your way, here are the five things every Canadian should know about their money today. 1. The Bank of Canada Is Holding Rates — For Now On April 29, 2026 , the Bank of Canada held its overnight rate at 2.25% (Bank Rate: 2.50%, deposit rate: 2.20%). Governor Tiff Macklem has flagged that the economy is growing at a moderate pace as it adjusts to U.S. tariffs, but inflation — now around 2.4% — is edging up due to higher oil prices tied to the ongoing Middle East conflict. The Bank projects 1.2% economic growth for 2026, picking up to 1.6% in 2027. What it means for you: Variable-rate mortgage and line-of-credit holders get a brief reprieve — but watch oil prices. If inflation keeps rising, a rate hike could follow. 2. Your CPP Contributions Are Getting a Cut in 2027 The 2026 Spring Economic Update proposes to reduce the base CPP con...
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Wall Street Stumbles Amid Inflation and Tariff Concerns

                                        

Wall Street faced a sharp downturn as fresh U.S. economic data reignited fears of inflation and tariff impacts. The S&P 500 dropped 1.97%, closing at 5,580.94 points, while the Nasdaq fell 2.70% to 17,322.99 points, and the Dow Jones Industrial Average declined 1.69% to 41,583.90 points.

The latest data revealed weaker-than-expected consumer spending in February, coupled with a significant rise in underlying prices—the highest in 13 months. Additionally, a University of Michigan survey highlighted soaring inflation expectations, reaching their highest levels in over two years.

These developments, combined with escalating tariff measures from the Trump administration, have heightened concerns about the economic outlook. Major tech stocks, including Amazon, Microsoft, and Apple, saw significant losses, reflecting broader market unease.

Market analysts warn that the inflationary effects of tariffs may intensify in the coming months, further complicating the Federal Reserve's monetary policy decisions. As uncertainty looms, businesses and investors are adopting a cautious stance, bracing for potential economic turbulence.

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