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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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Government Shutdown Leaves Millions Hungry as SNAP Benefits Halt

 

People wait in line for free food at the World of Life Christian Fellowship International food pantry in the Bronx borough of New York.


As the federal government shutdown drags on, millions of Americans have been left without Supplemental Nutrition Assistance Program (SNAP) benefits, forcing families to turn to food pantries in record numbers. Across the country, long lines have formed outside community centers, churches, and drive-through food distribution sites as people scramble to replace the groceries they once purchased with federal aid.

In cities like Louisville, Kentucky, volunteers handed out boxes of food to cars lined up for blocks, while in the Bronx, New York, pantries reported hundreds more visitors than usual in a single day. For many, SNAP was their primary lifeline, and its sudden suspension has created what food banks are calling an “inevitable crisis.”

The U.S. Department of Agriculture confirmed that funding for SNAP has run out, leaving more than 40 million low-income Americans without assistance. Families who rely on the program now face impossible choices between paying rent, covering medical bills, or putting food on the table. Community food banks, already stretched thin by rising demand, warn that they cannot sustain this level of need for long.

Advocates stress that the timing is especially devastating, with the cutoff arriving just as colder weather sets in and the holiday season approaches. Food insecurity, already on the rise, is expected to worsen sharply if the shutdown continues.

For now, local organizations are stepping up to fill the gap, but their leaders caution that charity cannot replace a federal safety net. As one pantry director put it, “We’re doing everything we can, but without SNAP, the need is overwhelming.”

The crisis underscores the fragility of America’s food security system, where millions depend on government assistance to meet basic nutritional needs. Until lawmakers resolve the shutdown, food banks will remain the frontline defense against hunger—though their shelves are quickly emptying.


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