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5 Things to Know Today: Markets Near Records, Rates Hold, Oil Eases

  Here's what Canadian money watchers need to know as we head into the week: 1. TSX Hits Record Territory Amid Diplomatic Optimism The S&P/TSX Composite Index is hovering near 35,000 , approaching record levels as markets digest positive signals from U.S.-Iran negotiations. Senior officials say a deal to reopen the Strait of Hormuz could be signed at next week's G7 summit, easing geopolitical tensions and supporting oil-sensitive sectors. Financial stocks led gains—RBC, TD, and BMO all rose about 0.5–1%—while mining names like Agnico Eagle and WPM climbed despite softer gold prices. What it means for your wallet: A more stable geopolitical backdrop and lower oil prices could ease inflation concerns, improving conditions for your savings and investments. 2. Bank of Canada Holds Rates at 2.25% for Fifth Time On June 10, the BoC kept its benchmark overnight rate steady at 2.25% —marking five consecutive holds since October 2025. Governor Tiff Macklem cited a "two-directi...
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Trump Administration Initiates Major Federal Workforce Reduction


In a significant move, the Trump administration has issued a memo directing federal agencies to develop plans for large-scale layoffs. This directive is part of President Donald Trump's broader effort to downsize the federal workforce, which he has often described as bloated and inefficient.

The memo, distributed by the Office of Management and Budget (OMB) and the Office of Personnel Management (OPM), requires agencies to submit their plans for a reduction in force (RIF) by March 13. These plans will not only lay off employees but also eliminate their positions altogether, potentially leading to extensive changes in how the government functions.

Russell Vought, director of the OMB, emphasized the need for a more efficient government, stating, "The federal government is costly, inefficient, and deeply in debt. At the same time, it is not producing results for the American public".

The memo comes as Trump prepares for the first Cabinet meeting of his second term, with Elon Musk, who oversees the Department of Government Efficiency, playing a key advisory role. The administration's goal is to streamline operations and improve productivity, even if it means significant workforce reductions.

This move has already sparked protests among federal workers, who fear the impact of these layoffs on their livelihoods and the overall functioning of government services. The coming weeks will reveal how these plans unfold and their broader implications for the federal workforce and public services.






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