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The Fed Just Hiked Rates. Here's What It Means for Your Canadian Mortgage.

  The U.S. Federal Reserve raised its benchmark rate 25 basis points yesterday — the first hike in three years. The Bank of Canada hasn't moved. That gap is now the biggest story in Canadian personal finance. MoneySavings.ca  |  September 17, 2026  |  Canadian Money Brief Yesterday afternoon, the Federal Open Market Committee voted 12-0 to raise the U.S. federal funds rate by a quarter point, pushing it to a target range of 3.75%–4.00%. It's the Fed's first rate hike since July 2023, and Chair Kevin Warsh made clear it almost certainly won't be the last. The Bank of Canada, by contrast, has held its overnight rate at 2.25% through seven straight meetings. It doesn't decide again until October 28. For Canadians with a mortgage, a renewal coming up, or a home equity line of credit, this matters more than it might look at first glance. 3.75–4.00% New U.S. Fed Rate 2.25% Bank of Canada Rate 1.625% Rate Gap (vs. 1.375% yesterday) ~71.5¢ Loonie (post-hike low) What th...
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GOP Races to Rescue Trump’s Sweeping Bill Amid Internal Discord

After a turbulent weekend marked by political infighting and procedural delays, Senate Republicans are scrambling to advance President Donald Trump’s ambitious “One Big Beautiful Bill Act” — a sweeping 940-page package of tax breaks, spending cuts, and immigration enforcement measures.

The bill, which faces unified Democratic opposition, has become a litmus test for GOP unity. Despite holding majorities in both chambers, Republicans are struggling to secure enough support within their own ranks. A dramatic late-night vote on Saturday narrowly cleared a procedural hurdle, with Vice President JD Vance on standby to break a potential tie.

The legislation includes $3.8 trillion in tax cuts and controversial reductions to Medicaid and food assistance programs. A Congressional Budget Office analysis estimates it would leave 11.8 million more Americans uninsured by 2034 and increase the deficit by $3.3 trillion over the next decade.

Senator Thom Tillis of North Carolina, who opposed the bill over its Medicaid cuts, announced he won’t seek reelection after facing pressure from Trump. Meanwhile, conservative senators are pushing for even deeper cuts, prompting Trump to warn, “Don’t go too crazy!”

With a self-imposed July 4th deadline looming, the Senate is bracing for a marathon session of amendment votes. The outcome remains uncertain — and the stakes couldn’t be higher.

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