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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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Mamdani’s Historic Win Met with Islamophobic Backlash, Advocates Warn

Zohran Mamdani’s unexpected victory in New York City’s Democratic mayoral primary has ignited a troubling surge in anti-Muslim rhetoric online, according to civil rights advocates. The 33-year-old state lawmaker, who identifies as a democratic socialist, would become the city’s first Muslim and Indian American mayor if elected in November.

In the 24 hours following his win, the Council on American Islamic Relations (CAIR) reported a fivefold increase in hate-related incidents, with over 6,200 Islamophobic posts logged across social media platforms. Many of these attacks included death threats and inflammatory comparisons to the September 11 attacks.

Prominent conservative figures, including Donald Trump Jr. and Representative Marjorie Taylor Greene, amplified the rhetoric. Trump Jr. claimed “New York City has fallen,” while Greene shared an AI-generated image of the Statue of Liberty in a burqa. CAIR noted that 62% of the anti-Muslim posts originated on X (formerly Twitter).

Advocacy groups are urging political leaders across the spectrum to denounce the wave of Islamophobia. “We call on public officials of every party… to unequivocally condemn Islamophobia,” said CAIR Action’s executive director Basim Elkarra.

Despite the backlash, Mamdani remains focused on his campaign, emphasizing economic justice and inclusive governance. His supporters argue that the attacks reflect a broader pattern of xenophobia faced by Muslim and South Asian political figures in the U.S..

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