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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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U.S. Move to Dismiss Asylum Cases Raises Alarms Nationwide

US Border Patrol agents gather and sort migrants who overnight gathered between the primary and secondary border walls that separate Mexico and the United States, in San Diego, California.

The U.S. government has begun a sweeping effort to dismiss thousands of asylum cases, a shift that could significantly alter the country’s immigration system and leave many migrants uncertain about their future. Federal attorneys have reportedly instructed immigration judges to close cases outright, arguing that many applicants can be removed to third countries rather than their home nations.

This approach represents a major escalation in the administration’s broader immigration strategy. Instead of allowing asylum seekers to present their claims in court, government lawyers are pushing for dismissals without hearings, potentially sending individuals to countries with which they have no direct ties.

The effort appears to be unfolding across major immigration hubs, including New York, Miami, Los Angeles, San Francisco, Atlanta, and several Texas cities. With more than two million asylum cases pending nationwide, the policy could dramatically reshape the backlog — and the lives of those waiting for decisions.

Immigrant advocates warn that mass dismissals could undermine due process and place vulnerable people at risk. Meanwhile, federal agencies have not publicly commented on the reported strategy, leaving many questions unanswered.

As the administration signals a tougher immigration posture, thousands of asylum seekers now face an uncertain path forward.


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