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5 Things to Know Today: BoC Hike Bets, TSX Slide, Oil Near $100 (Oct. 23)

  Canadian Money Brief • Friday, October 23, 2026 The Bank of Canada decision is five days away, the TSX gave back most of Wednesday's gains, and oil is flirting with US$100 again. Here are the five things Canadian wallets need to know today. 1. Markets Lean Toward a Bank of Canada Hike on Oct. 28 A decision that looked like a ninth straight hold is now a genuine coin flip with a hawkish tilt. After Governor Tiff Macklem warned that there is "no resolution in sight" for the Middle East conflict, BMO and Desjardins flipped to a hike call, Scotiabank firmed up its call and Goldman Sachs joined them, all looking for a quarter-point move to 2.50%. Overnight swaps priced about an 87% chance of a hike earlier this week, though other economists still argue for a hold, pointing to September's 68,000 job losses and a 6.5% unemployment rate. What it means for you: A quarter-point hike adds roughly $21 a month in interest for every $100,000 of variable-rate borrowing (HELOCs an...
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Trump Wields Shutdown as Political Weapon, Targets Federal Workforce

 

                                            President Donald Trump


President Donald Trump has turned the ongoing government shutdown into a strategic opportunity to reshape the federal workforce and punish political adversaries. Rather than following the traditional path of furloughing employees during funding lapses, the Trump administration is threatening mass layoffs and proposing permanent cuts to programs favored by Democrats.

White House Press Secretary Karoline Leavitt announced that layoffs are “imminent,” while the Office of Management and Budget has frozen $18 billion in infrastructure funding for New York’s subway and Hudson Tunnel projects—both located in the home state of Democratic congressional leaders.

Trump is working closely with budget director Russ Vought, a key architect of the Project 2025 conservative blueprint, to identify agencies for potential elimination or downsizing. The president described the shutdown as an “unprecedented opportunity” to reorient the federal government according to his vision.

The Congressional Budget Office estimates that roughly 750,000 federal workers could be furloughed daily, resulting in a $400 million loss in wages per day and broader economic consequences. With Congress stalled and no immediate resolution in sight, the shutdown threatens to deepen, leaving federal employees and essential services in limbo.


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