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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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The U.S. labor market showed fresh signs of strain in August, with employers adding just 22,000 jobs, far below economists’ forecasts of 75,000. The disappointing figures, released by the Labor Department, mark one of the weakest monthly gains in recent years and reinforce concerns that the economy is losing momentum.

The unemployment rate ticked up to 4.3%, from 4.2% in July, as hiring slowed across multiple sectors. Analysts point to ongoing trade tensions, shifting immigration policies, and broader economic uncertainty as key factors weighing on business confidence and recruitment plans.

The report follows a string of weak labor data, including downward revisions to earlier months that erased hundreds of thousands of previously reported job gains. With payroll growth averaging just 35,000 per month since May, economists warn the slowdown could pressure the Federal Reserve to cut interest rates at its September meeting.

While stock markets have remained resilient on hopes of monetary easing, the latest jobs report underscores the fragility of the labor market — and raises questions about whether the U.S. can avoid a deeper economic downturn in the months ahead.


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