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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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Trump Halts $2.1B Chicago Transit Projects Amid Shutdown Standoff

A view of the U.S. Capitol dome, following a partial government shutdown in Washington, D.C., U.S., October 2, 2025.

President Donald Trump’s administration has frozen $2.1 billion in federal funding for major Chicago transit projects, escalating tensions as the government shutdown stretches into its third day.

The funding pause affects two critical initiatives: the Red Line Extension, which would expand service into some of Chicago’s most underserved South Side neighborhoods, and the Red and Purple Line Modernization Project, aimed at upgrading aging infrastructure.

White House budget director Russ Vought said the freeze was intended to ensure funds were not “flowing via race-based contracting.” Critics, however, argue the move is part of a broader strategy to punish Democratic-led cities during the shutdown.

Illinois Governor JB Pritzker condemned the decision, calling it “hostage-taking” that hurts working families who rely on public transit. Chicago Mayor Brandon Johnson echoed the frustration, noting that the Red Line extension has been anticipated for decades and would bring thousands of jobs and economic growth to disadvantaged communities.

The Chicago freeze follows similar actions in New York and Democratic-leaning states like California and Colorado, where billions in infrastructure and green-energy projects have also been suspended. In total, the administration has withheld at least $28 billion in funding from Democratic strongholds.

With Congress deadlocked over a funding deal, the standoff shows no signs of easing. Meanwhile, millions of federal workers remain without pay, and critical projects in cities like Chicago hang in the balance.

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