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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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Trump Halts Canada Trade Talks After Ontario’s Anti-Tariff Ad Sparks Outrage

Canadian Prime Minister Mark Carney and President Donald Trump at the Middle East Peace Summit in Egypt on Oct. 13.



U.S. President Donald Trump announced late Thursday that he is terminating all trade negotiations with Canada, citing an Ontario government advertisement that used the words of former president Ronald Reagan to criticize tariffs.

The ad, which aired on several American networks, featured Reagan’s 1987 remarks warning that tariffs “hurt every American worker and consumer.” Trump denounced the campaign as “fraudulent” and “fake,” claiming it was designed to interfere with ongoing U.S. Supreme Court deliberations over his tariff policies.

“Tariffs are very important to the national security, and economy, of the U.S.A. Based on their egregious behavior, ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATED,” Trump wrote on his Truth Social platform.

Ontario Premier Doug Ford defended the ad, saying it highlighted the risks of tariffs to both American and Canadian jobs. Meanwhile, Canadian Prime Minister Mark Carney has pledged to expand trade with other global partners in response to escalating U.S. restrictions.

The abrupt move adds fresh strain to an already tense economic relationship, with industries on both sides of the border bracing for further uncertainty.


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