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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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Wall Street Scrambles as Trump’s Visa Fee Shakes Hiring Plans

People walk around the Financial District near the New York Stock Exchange (NYSE) in New York, U.S., December 29, 2023.

The Trump administration’s surprise overhaul of the H-1B visa program has sent shockwaves through Wall Street, with JPMorgan Chase and other major financial institutions weighing how to respond. The new policy imposes a $100,000 fee on each new H-1B visa application, a move officials say is designed to prioritize higher-paid, highly skilled workers and open more opportunities for U.S. talent.

For banks, however, the impact could be severe. JPMorgan alone secured 2,440 H-1B visas in 2025, more than any other U.S. financial firm. Many of these employees fill critical roles in quantitative modeling, risk management, and technology development—areas where domestic talent is often scarce.

Analysts warn that the steep fee could make hiring entry-level analysts or tech workers prohibitively expensive, forcing banks to consider shifting more operations offshore. “Hiring for entry-level jobs using H-1B becomes nearly impossible,” said Meridith Dennes of Prospect Rock Partners.

JPMorgan CEO Jamie Dimon admitted the announcement “caught everyone off guard” and signaled that the bank will engage policymakers on the issue. Other Wall Street firms have so far declined to comment, but industry insiders expect a coordinated pushback in the weeks ahead.

The policy has also raised concerns abroad, particularly in India, whose nationals account for the majority of H-1B recipients. Some experts suggest Canada and other jurisdictions could benefit if global talent looks elsewhere for opportunities.

As the financial sector recalibrates, the visa crackdown underscores the delicate balance between immigration policy and America’s competitiveness in global finance.



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