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Weekly Market Snapshot: Yields at Multi-Decade Highs, Oil Eases on Hormuz Hopes — Week of Sept. 22–26, 2026

Week of September 22–26, 2026 It was a week of two forces tugging in opposite directions. Bond yields surged to levels not seen since 2004–2007, driven by resilient US economic data, hawkish Fed signals, and oil-driven inflation fears — putting pressure on equities and the Canadian dollar. Then, late in the week, reports emerged that US and Iranian negotiators were exploring a phased deal to reopen the Strait of Hormuz. Oil pulled back sharply Friday, yields stabilized, and markets found enough relief to post a partial recovery. The TSX finished the week slightly lower but well off its worst levels, while US indices managed a weekly gain. 🍁 Canada — TSX & the Loonie The S&P/TSX Composite entered the week near 35,800 and, after a volatile ride, closed Friday around the same level — giving up roughly 0.3% on the week. Mid-week selling was driven by the same forces pressuring global markets: surging US Treasury yields, a rising oil-inflation premium, and investor nervousness ahea...
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U.S. Consumer Prices Rise in October, Slowing Progress Toward Low Inflation

 

U.S. consumer prices increased as anticipated in October, reflecting a continued but modest rise in inflation. According to the latest data from the Labor Department, the Consumer Price Index (CPI) rose by 0.2% for the fourth consecutive month. Over the past year, the CPI has advanced by 2.6%, up from 2.4% in September.

The core CPI, which excludes volatile food and energy prices, also saw a 0.3% increase in October, maintaining the same pace for the third month in a row. Annually, the core CPI has risen by 3.3%.

Economists had predicted these figures, indicating that while inflation is not accelerating, the progress toward achieving the Federal Reserve’s target of 2% inflation has slowed. This trend suggests that the Federal Reserve may be less inclined to implement further interest rate cuts in the near future.

The slight uptick in inflation is partly attributed to rising shelter costs, which accounted for more than half of the overall increase in prices. Despite the modest gains, the inflation rate remains significantly lower than the peak of 9.1% seen in June 2022.

As the Federal Reserve continues to monitor these developments, the economic outlook remains cautious, with potential implications for future monetary policy decisions.


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