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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 Narrowly Advances Trump’s Sweeping Tax and Spending Bill in High-Stakes Weekend Vote

 

In a rare and dramatic Saturday session, U.S. Senate Republicans narrowly advanced President Donald Trump’s sweeping tax and spending bill, dubbed the “One Big Beautiful Bill Act,” setting the stage for a high-stakes legislative showdown ahead of the July 4th deadline.

The 940-page bill, which includes approximately $3.8 trillion in tax cuts, passed a key procedural vote 51-49, with Vice President JD Vance on standby to break a potential tie. Two Republican senators—Thom Tillis of North Carolina and Rand Paul of Kentucky—joined all Democrats in opposition, citing deep concerns over proposed Medicaid cuts.

The legislation proposes making Trump-era tax breaks permanent, eliminating taxes on tips and overtime pay, and introducing new deductions for seniors and families. However, it also includes controversial provisions such as stricter work requirements for Medicaid recipients and significant reductions in food assistance programs.

Tensions ran high in the chamber, with negotiations dragging for hours and several GOP senators flipping their votes after last-minute concessions. President Trump, who spent the day at his Virginia golf course, reportedly worked the phones late into the night to rally support.

The bill now heads into a marathon amendment process, with Senate leaders hoping to finalize it in time for Independence Day. If passed, it would return to the House for a final vote before reaching the president’s desk.


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