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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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Ontario Government Assumes Control of Four School Boards Amid Budget Troubles

 

The Ontario government has stepped in to take control of four publicly funded school boards, citing persistent financial mismanagement and rising concerns over budget deficits. The Ministry of Education announced the move Friday, stating that external supervisors will temporarily oversee operations to stabilize governance and restore fiscal responsibility.

Education Minister Rachel Thompson emphasized that the intervention was necessary to protect student services and ensure that taxpayer dollars are used effectively. “We are committed to providing every student with access to quality education in a financially sustainable way,” she said.

The boards involved—three English-language and one French-language—have reportedly struggled with budget planning, overspending, and long-term financial forecasting. The province did not disclose the names of the boards but confirmed they operate in both urban and rural regions.

Education advocacy groups have expressed mixed reactions. Some praise the province’s willingness to intervene, while others worry about transparency and the impact on local governance.

The government has stated that the takeovers are temporary and that normal governance will resume once the boards demonstrate improved financial accountability.


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