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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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A Solemn Farewell: Pope Francis's Journey to St. Peter's Basilica

In a deeply moving ceremony, the body of Pope Francis was transported from his residence at the Santa Marta guesthouse to St. Peter's Basilica in Vatican City. The 88-year-old pontiff, who passed away two days ago, was carried in an open coffin by 14 pallbearers dressed in black suits and white gloves. The procession was accompanied by red-hatted cardinals, priests, and Swiss Guards, as a male choir chanted psalms and prayers in Latin.

Thousands of mourners gathered in St. Peter's Square, breaking into applause as the coffin passed—a traditional Italian gesture of respect. The bells of the basilica tolled solemnly, marking the end of Pope Francis's 12-year papacy, which was characterized by his progressive reforms and advocacy for inclusivity.

The late pope's body will lie in state at St. Peter's Basilica for three days, allowing the faithful to pay their respects before his funeral on Saturday. His final resting place will be the Basilica of Santa Maria Maggiore, reflecting his humble wishes for a simpler ceremony.

Pope Francis's legacy as a compassionate and reformative leader continues to resonate with Catholics and admirers worldwide.

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