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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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NATO Downs Second Iranian Missile Over Turkey

 

Debris of a NATO air defence system that intercepted a missile launched from Iran is seen in Dortyol, in southern Hatay province, Turkey, March 4, 2026 .


Turkey has confirmed that NATO air defences intercepted a second ballistic missile launched from Iran, marking the second such incident in less than a week. The missile entered Turkish airspace before being shot down over the southern region near Gaziantep, according to multiple defence statements. 

What Happened

  • The Turkish Ministry of Defence reported that NATO systems in the eastern Mediterranean successfully neutralized the incoming missile. Debris fell in Gaziantep province, but no casualties or major damage were reported.
  • This follows a similar interception days earlier, underscoring rising tensions as Iran continues retaliatory strikes amid the broader U.S.–Israel conflict. 

Regional and International Response

  • Turkey warned it would take “necessary steps without hesitation” against any threat to its airspace, signaling heightened alertness. 
  • NATO reiterated its readiness to defend all allies, emphasizing that this was the second missile intercepted in five days. 
  • The U.S. has urged its citizens to leave southeast Turkey due to escalating security concerns. 

Why It Matters

The repeated missile incidents highlight Turkey’s precarious position—geographically close to Iran, strategically tied to NATO, and increasingly exposed to spillover from the regional conflict. Each interception raises the stakes for Ankara as it balances deterrence, diplomacy, and domestic security.


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