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5 Things to Know Today — Fed Hikes, BoE Warns, and the TSX Is Bouncing Back

  The Fed's first rate hike since 2023 rocked markets Wednesday. Here's what it means for your wallet on Friday, September 18. Friday, September 18, 2026  |  moneysavings.ca 1 The Fed Hiked — First Time Since 2023 The U.S. Federal Reserve raised its benchmark interest rate by 25 basis points to a target range of 3.75%–4.00% on Wednesday — the first hike since June 2023. Chair Kevin Warsh cited persistent inflation tied to elevated oil prices and a still-resilient economy, saying recent inflation readings hadn't improved enough to justify holding. The decision was unanimous. The updated dot plot signals one more potential hike by year-end, then a pause through 2027. Markets initially sold off, but U.S. futures are rebounding this morning as investors reframe the move as a sign the Fed is serious about getting inflation under control. 💡 What It Means for You A higher U.S. federal funds rate puts upward pressure on Canadian bond yields and mortgage rates. The BoC is already...
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Stock Market Update: Oil Surge and Fed’s Caution Impact Stocks Ahead of March Jobs Report

 




The stock market faced headwinds today as oil prices soared to their highest level in six months, while a Federal Reserve official’s warning added to investor caution. Here are the key highlights:

  1. Market Retreat:

    • The Dow Jones Industrial Average (DJI) declined by almost 1.4%, shedding 550 points.
    • The S&P 500 (GSPC) dropped 1.2%, marking its worst single-day decline since February 13.
    • The tech-heavy Nasdaq Composite (IXIC) slipped 1.4%.

  2. Fed’s Caution:

    • Minnesota Fed President Neel Kashkari suggested that the Fed may not cut interest rates in 2024 if inflation progress stalls.
    • Investors reacted to this cautious stance, reversing strong midday gains.

  3. Oil Price Surge:

    • Escalating tensions in the Middle East drove oil futures up by more than 1%.
    • West Texas Intermediate (CL=F) settled at $86.59 per barrel, and Brent (BZ=F) closed at $90.65 per barrel, reaching their highest levels since October.

  4. March Jobs Report Anticipation:

    • All eyes are now on the upcoming March jobs report, scheduled for release on Friday morning.
    • Experts expect it to provide insights into the robustness of the US labor market.
    • Initial jobless claims data released today showed a rise to 221,000, the highest level since January.

In summary, the stock market remains sensitive to oil price fluctuations and Fed communications. Investors eagerly await the jobs report, which will influence the Fed’s policy decisions. Stay tuned for further updates! 

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