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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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Tragedy at Garrapata Beach: Calgary Father and Daughter Lost to Ocean Waves

A Calgary father died trying to rescue his young daughter from a large wave on Garrapata State Beach, in California.

A heartbreaking incident unfolded on California’s rugged coastline last Friday, when a Calgary family’s trip to Garrapata State Beach ended in tragedy. Yuji Hu, a 39-year-old father from Calgary, and his young daughter were swept into the Pacific Ocean by a powerful six-metre wave while visiting the beach with his wife and two children.

Authorities say the wave suddenly dragged the girl into the water. Hu and his wife rushed to save her, but both were pulled in by the surf. While Hu’s wife managed to make it back to shore, Hu and his daughter were carried farther out. A beachgoer and an off-duty California park officer pulled Hu from the water and attempted resuscitation, but he later died. The girl’s body was located by divers two days later.

Officials described the waves as 15 to 20 feet high (4.5 to 6 metres) at the time, emphasizing the dangers of the area’s unpredictable surf. California State Lifeguards issued reminders that Garrapata’s coastline is notoriously hazardous, urging visitors to exercise extreme caution.

The tragedy has shaken both the Calgary community and those in Monterey County, California. Local authorities expressed condolences, noting the devastating impact on the family. The incident serves as a sobering reminder of the ocean’s power and the risks posed by rogue waves along the Pacific coast.


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