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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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COP30 on the Brink: Fossil Fuels Divide the World

Demonstrators attend the Fridays for Future protest '#JustTransitionNow' next to the Brandenburg Gate during the United Nations Climate Change Conference (COP 30) which takes place in Belem, Brazil.

As COP30 in Belém, Brazil, reaches its dramatic conclusion, the summit has become a battleground over the future of fossil fuels. A draft deal released by Brazil dropped all references to phasing out oil, gas, and coal, igniting fierce opposition from dozens of countries who insist that any agreement must include a clear roadmap for transition.

The proposed final text, called Mutirão—a word rooted in indigenous traditions meaning “mutual aid”—has instead highlighted division rather than unity. Eighty-two countries, including members of the EU, have rejected the draft, arguing that without a fossil fuel phaseout, the deal fails to meet the ambition needed to keep global warming within the 1.5°C target.

COP30 President André Corrêa do Lago urged delegates to find common ground, warning that “this cannot be an agenda that divides us.” Yet the rift between oil-producing nations and those pushing for stronger climate commitments underscores the difficulty of forging consensus in a fractured world.

The summit has also been marked by drama beyond the negotiating table. A fire at the venue forced mass evacuations, adding to the sense of urgency and chaos as talks entered their final hours. Demonstrators outside the summit have amplified calls for a “just transition,” demanding that leaders prioritize people and planet over fossil fuel interests.

At stake is more than just another UN climate agreement. COP30 is a test of whether international cooperation can still deliver meaningful progress against climate change. If the summit ends without a deal, it risks undermining trust in the global process and delaying action at a time when scientists warn the window to act is rapidly closing.

The final hours of COP30 will determine whether the world leaves Belém with a united vision for a fossil-free future—or with yet another fractured compromise that falls short of the urgency the climate crisis demands.


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