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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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Senate Blocks War Powers Resolution as GOP Backs Trump’s Iran Strikes

In a closely watched vote, the U.S. Senate on Friday rejected a Democratic-led resolution aimed at curbing President Donald Trump’s authority to launch further military action against Iran. The measure, introduced by Senator Tim Kaine of Virginia, sought to reaffirm Congress’s constitutional role in authorizing acts of war, particularly following Trump’s recent strikes on Iranian nuclear facilities.

The resolution failed in a 53-47 vote, with most Republicans standing firmly behind the president. Only one Republican, Senator Rand Paul of Kentucky, broke ranks to support the measure, while Democrat John Fetterman of Pennsylvania voted against it.

Supporters of the resolution argued it was a necessary check on executive power, especially in light of Trump’s willingness to consider additional strikes. “We shouldn’t send our sons and daughters into war unless there’s a political consensus,” Kaine said ahead of the vote.

Republicans countered that the president acted within his rights as commander-in-chief, citing an imminent threat from Iran. Senator Bill Hagerty emphasized, “We must not shackle our president in the middle of a crisis when lives are on the line”.

Despite the defeat, the debate underscored growing tensions between the legislative and executive branches over military engagement and the future of U.S. policy in the Middle East.

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