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5 Things to Know Today: BoC Hike Odds Near 80%, Oil Tops US$100, Loonie Hits 5-Week High

  Canadian Money Brief  |  Saturday, October 24, 2026 The Bank of Canada is expected to raise rates on Wednesday, oil is back above US$100 and stocks slipped on AI worries. Here are the five things to know this Saturday, and what each one means for your wallet. 1 The Bank of Canada is widely expected to hike on Wednesday Markets are putting roughly an 80% chance on a quarter-point increase at the Bank of Canada’s Oct. 28 decision, which would lift the policy rate from 2.25% to 2.50%. A majority of economists polled by Reuters also expect a second hike by the end of March. The shift followed hawkish comments from Governor Tiff Macklem about a higher inflation outlook driven by oil. What it means for you Every 0.25-point increase adds about $250 a year (roughly $21 a month) for each $100,000 of prime-linked debt, such as a variable-rate mortgage or HELOC. Fixed-rate holders are not hit directly, but renewals are being priced off higher bond yields. Savers may see HISA and...
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Canada Must ‘Fight for Its Values,’ Carney Warns at Cabinet Retreat

Prime Minister Mark Carney speaks at the beginning of a cabinet planning forum at the Citadelle in Quebec City on Thursday. 

At a federal cabinet retreat in Quebec City, Prime Minister Mark Carney delivered a pointed message about the global state of democracy, urging Canadians not to assume their freedoms are guaranteed. He described a world where democratic norms are weakening and political polarization is intensifying, arguing that Canada must actively defend the principles that define it.

Carney stressed that the country’s core values — openness, equality, and respect for rights — require vigilance, especially in an era marked by geopolitical tension and rising authoritarianism. He told ministers that the coming parliamentary session will demand clarity, discipline, and a renewed commitment to democratic institutions.

He also responded to recent comments from U.S. President Donald Trump, who suggested Canada’s success depends on American protection. Carney countered that Canada’s strength comes from its own identity and choices, emphasizing that the country “thrives because we are Canadian.”

The retreat sets the stage for a government preparing to navigate economic pressures, global instability, and domestic political challenges — all while positioning Canada as a defender of democratic resilience.


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