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5 Things to Know Today: BoC Hike Odds Near 80%, Oil Tops US$100, Loonie Hits 5-Week High

  Canadian Money Brief  |  Saturday, October 24, 2026 The Bank of Canada is expected to raise rates on Wednesday, oil is back above US$100 and stocks slipped on AI worries. Here are the five things to know this Saturday, and what each one means for your wallet. 1 The Bank of Canada is widely expected to hike on Wednesday Markets are putting roughly an 80% chance on a quarter-point increase at the Bank of Canada’s Oct. 28 decision, which would lift the policy rate from 2.25% to 2.50%. A majority of economists polled by Reuters also expect a second hike by the end of March. The shift followed hawkish comments from Governor Tiff Macklem about a higher inflation outlook driven by oil. What it means for you Every 0.25-point increase adds about $250 a year (roughly $21 a month) for each $100,000 of prime-linked debt, such as a variable-rate mortgage or HELOC. Fixed-rate holders are not hit directly, but renewals are being priced off higher bond yields. Savers may see HISA and...
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Supreme Court Greenlights Trump’s Federal Workforce Overhaul

In a landmark decision, the U.S. Supreme Court has lifted a lower court’s injunction, allowing President Donald Trump to proceed with sweeping plans to restructure federal agencies and implement mass layoffs across the government.

The executive order, issued in February, directs agencies to prepare for large-scale reductions in force (RIFs), potentially affecting hundreds of thousands of federal employees. The administration argues the move is essential to streamline operations and eliminate inefficiencies.

The court’s unsigned ruling emphasized that it was not evaluating the legality of specific agency plans but found the executive order itself likely lawful. Justice Sonia Sotomayor concurred, noting that lower courts remain free to assess the constitutionality of individual agency actions. Justice Ketanji Brown Jackson dissented, calling the decision “hubristic and senseless,” warning of irreversible damage to public services.

The ruling marks another victory for Trump’s administration, which has faced repeated legal challenges in its efforts to reshape the federal government. Advocacy groups and labor unions behind the lawsuit expressed disappointment, vowing to continue fighting what they describe as an unconstitutional power grab.

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