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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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Ottawa Targets Workforce Reduction as Part of Federal Streamlining Plan

 

                                            Government office buildings Gatineau, Que., in 2022.


The federal government has announced a plan to reduce its public‑sector workforce by 12,000 full‑time equivalent positions over the next three years, a move officials say is aimed at modernizing operations and improving long‑term fiscal sustainability.

According to the government, the reductions will be achieved gradually through attrition, retirements, and the non-renewal of certain term positions, rather than widespread layoffs. Departments have been instructed to identify areas where work can be consolidated, automated, or restructured to reduce duplication and improve efficiency.

The plan comes as Ottawa faces growing pressure to rein in spending following years of expanded public‑sector hiring. Critics argue that cuts of this scale could strain service delivery, while supporters say the government must adapt to new technologies and evolving public expectations.

As the transition unfolds, federal unions are calling for transparency and safeguards to ensure that essential services remain protected. The government maintains that the changes will be implemented carefully to minimize disruption.



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