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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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Trump Orders Immediate Paid Leave for All US Government Diversity Staff

In a sweeping move, President Donald Trump has ordered all US government staff working on diversity, equity, and inclusion (DEI) initiatives to be placed on immediate paid administrative leave. This directive, confirmed by the White House, mandates that all federal DEI workers be put on leave by 5:00 PM EST on Wednesday, with the offices and programs in question set to be shut down.

The executive order, issued on Tuesday, calls for an end to what Trump described as "dangerous, demeaning, and immoral" DEI programs. The president has acted swiftly on this key campaign pledge, arguing that DEI practices are discriminatory. The American Federation of Government Employees (AFGE), representing 800,000 federal workers, has expressed uncertainty about the number of people affected by this order.

DEI programs aim to promote workplace participation from diverse backgrounds, addressing historical underrepresentation and discrimination against certain groups, including racial minorities. However, critics argue that such programs can be discriminatory themselves. In his inaugural address, Trump pledged to "forge a society that is color-blind and merit-based".

A memo from the US Office of Personnel Management instructed government agencies to place DEI employees on leave and remove public websites for DEI offices. By Thursday, federal agencies must compile a list of DEI offices and workers, and by January 31, they must submit a plan for executing layoffs in DEI offices.

Trump's executive order also targets DEI and DEIA (diversity, equity, inclusion, and accessibility) policies, framing them as potentially violating civil rights laws that protect Americans from discrimination. White House Press Secretary Karoline Leavitt stated that the move is "another win for Americans of all races, religions, and creeds" and fulfills a campaign promise made by Trump.

The order revokes a Civil Rights era executive order from 1965, signed by former President Lyndon B. Johnson, which made it illegal for federal contractors to discriminate based on race, color, religion, sex, sexual orientation, gender identity, or national origin in their hiring. It also requires the attorney general to submit recommendations within 120 days to encourage the private sector to end similar diversity efforts.

Unions representing federal employees have begun to mobilize against Trump's executive orders, with several labor groups condemning the actions. The AFGE argued that diversity programs had reduced gender and racial pay disparities in the federal workforce. AFGE national president Everett Kelley stated that undoing these programs undermines the merit-based civil service and turns federal hiring and firing decisions into loyalty tests.

The order is seen as an attempt to intimidate and attack nonpartisan civil servants, according to the National Federation of Federal Workers.



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