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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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Inferno in Victoria: ‘Catastrophic’ Fire Danger Triggers Mass Evacuations

 

Amid temperatures that exceeded 40 degrees Celsius (104 degrees Fahrenheit) in parts of the state, two large bushfires were raging near the towns of Longwood and Walwa.


Bushfires are sweeping through southeastern Australia as authorities issue a rare “catastrophic” fire danger warning, urging residents to leave immediately ahead of worsening conditions.

Fires Intensify Across the Region

Two major blazes are burning in Victoria, including a fast‑moving fire near Longwood and another near Walwa that has grown large enough to generate its own weather patterns. Several structures have already been lost, and emergency crews warn that containment lines may not hold as temperatures climb and winds strengthen.

Highest-Level Warning

Officials have declared “catastrophic” fire danger for Friday — the most severe rating available. Under these conditions, fires can become uncontrollable within minutes, leaving little time for evacuation or defense.

Communities Told to Leave

Residents in multiple towns have been ordered to evacuate early, with authorities stressing that waiting could be deadly. Schools in high‑risk areas are closing, and additional firefighting teams are being deployed to reinforce vulnerable zones.

Heatwave Fuels the Crisis

A severe heatwave is gripping the region, drying out vegetation and creating ideal conditions for rapid fire spread. Meteorologists warn that the extreme heat may persist, prolonging the danger and complicating firefighting efforts.

As the situation evolves, emergency services continue to urge vigilance, early evacuation, and close monitoring of official alerts.


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