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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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Deadly 6.9-Magnitude Earthquake Rocks Central Philippines, Triggers Widespread Damage

 

                                            A 6.9 Earthquake Hits Central Philippines.


A powerful 6.9-magnitude earthquake struck the central Philippines late Tuesday night, shaking Cebu and nearby provinces and leaving behind collapsed buildings, power outages, and casualties. The quake’s epicenter was located just offshore near Palompon, close to the city of Bogo in Cebu province, at a shallow depth of 10 kilometers, according to the US Geological Survey.

The tremor caused severe structural damage across Cebu, Bantayan Island, and Leyte, with reports of a sports complex collapsing during a basketball game in San Remigio, killing at least 13 people, including members of the Philippine Coast Guard and a firefighter. Rescue teams are racing to reach those trapped under debris, while hospitals are treating dozens of injured residents.

Authorities reported widespread power outages after transmission lines tripped, plunging communities into darkness. Several schools, churches, and commercial buildings sustained heavy damage, and local officials have suspended classes and work until safety inspections are completed.

The Philippine Institute of Volcanology and Seismology (Phivolcs) initially issued a tsunami alert for Cebu, Leyte, and Biliran provinces, but later lifted it after confirming no major threat. However, residents were urged to remain cautious due to aftershocks and possible minor sea-level disturbances.

Governor Pamela Baricuatro of Cebu appealed for calm, assuring residents that emergency aid and rescue operations are underway. With more than half a million people experiencing strong shaking, the disaster has once again highlighted the Philippines’ vulnerability as it sits along the Pacific Ring of Fire, one of the world’s most seismically active regions.

This is a developing story, with damage assessments and relief efforts continuing across the Visayas.


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