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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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Race Against Time: Rescuers Battle Debris and Rain After Himalayan Flash Floods

 

                                            Indo Tibetan Border Police soldiers clear the debris and look for survivors after a flash flood                                                        in Dharali, a Himalayan mountain village.

Northern India Reels from Devastating Flash Floods

Rescue teams in northern India are scrambling to locate dozens of missing people after sudden flash floods ravaged the Himalayan village of Dharali in Uttarakhand state. Triggered by a powerful cloudburst on Tuesday, the deluge swept away homes, roads, and a bustling local market, leaving at least four confirmed dead and many more trapped beneath debris.

Rescue Efforts Underway

  • Over 60 people have been rescued so far, but treacherous terrain and relentless rain are hampering operations.
  • Among the missing are 11 Indian army personnel stationed at a nearby camp in Harsil, which was also hit by the floods.
  • Authorities have requested helicopters to assist in reaching remote areas and evacuating stranded residents.

Climate and Development Concerns

Experts warn that cloudbursts—sudden, intense downpours—are becoming more frequent due to climate change. The damage is exacerbated by unplanned development in fragile mountain zones. Geologist S.P. Sati described Dharali as “a ticking time bomb” due to its vulnerable location.

Historical Echoes and Future Risks

This disaster echoes past tragedies in Uttarakhand, including the catastrophic 2013 floods that claimed over 6,000 lives. With more than 100 people still unaccounted for, officials fear the toll may rise as rescue efforts continue under challenging conditions.


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