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Canadian Money Brief: 5 Things to Know Today — May 18, 2026

  A quick scan of the five stories shaping your wallet right now — from the Bank of Canada's next big decision to your mortgage renewal and a brand-new federal agency hunting financial criminals. 1 Bank of Canada Rate Holds at 2.25% — Next Decision Is June 10 The Bank of Canada kept its overnight policy rate steady at 2.25% at its April 29 meeting, citing a rise in energy-driven inflation and ongoing uncertainty from U.S. tariffs. Governing Council held firm while acknowledging a rate hike could become necessary if oil-linked price pressures prove persistent. The next announcement lands on Wednesday, June 10, 2026 — mark your calendar. Why it matters: Your variable-rate mortgage, HELOC, and lines of credit are directly tied to this rate. With bank prime rates sitting at 4.45%, every meeting counts. 2 Markets TSX Slips Below 34,000 as Bond Yields Spike The S&P/TSX Composite Index finished last week down close to 2%, sliding under the 34,000 mark. A global bond market selloff...
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Pope Leo XIV Calls for Church to Illuminate the World in First Mass

 

 In his first Mass as pontiff, Pope Leo XIV urged the Catholic Church to serve as a guiding light in a world facing spiritual darkness. Speaking in the Sistine Chapel, where he was elected less than 24 hours earlier, the newly appointed pope emphasized the importance of faith and outreach.

Leo XIV, formerly Cardinal Robert Prevost, is the first American pope in the Church’s history. During his homily, he acknowledged the challenges of modern society, where faith is often dismissed or misunderstood. He expressed his vision for the Church as a beacon of hope, illuminating the “dark nights” of the world and offering guidance to those searching for meaning.

Dressed in simple white and gold vestments, Pope Leo XIV spoke briefly in English before continuing his homily in Italian. He described his role as a “faithful administrator” of the Church and called on Catholics to embrace their mission with joy and conviction.

The Mass was attended by over 130 cardinals, who had gathered for the conclave that elected Leo XIV as the 267th pope. Following the service, the new pontiff was scheduled to have lunch with the cardinals before they departed for their respective dioceses.

Leo XIV’s election marks a historic moment for the Catholic Church, and his first words as pope suggest a commitment to unity, faith, and renewal. As he embarks on his papacy, many will be watching to see how he leads the Church into this new chapter.

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