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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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Spain Shuts Airspace to U.S. Warplanes, Deepening Rift with Washington

 

                            No US planes involved in the Iran war will be allowed to enter the Spanish FIR

Spain’s decision to block U.S. military flights marks a sharp escalation in diplomatic friction, signaling Madrid’s firm opposition to Washington’s Iran campaign and reshaping transatlantic defense dynamics.

Spain has intensified its break with Washington by formally closing its airspace to U.S. military aircraft involved in operations against Iran. The move expands earlier restrictions that barred American forces from using the jointly operated bases at Rota and Morón for missions linked to the conflict. Spanish officials, including Prime Minister Pedro Sánchez, have condemned the U.S.-Israeli strikes on Iran as an “illegal war,” emphasizing that Spain will not participate in or facilitate actions it views as violating international law. 

Foreign Minister José Manuel Albares confirmed that the ban now applies to all U.S. flights tied to the conflict, even those originating from allied countries such as the U.K. or France. He stressed that Spain aims to avoid any step that could escalate the war, a stance supported by the majority of Spaniards. 

The airspace closure forces U.S. aircraft to take longer, less direct routes, complicating logistics for operations in the Middle East. This follows weeks of tension, including threats from President Donald Trump to cut off trade with Spain over its refusal to support the campaign. Despite the rift, Spain maintains its broader defense cooperation with the U.S. under existing bilateral agreements, though it remains firm in distancing itself from the Iran conflict. 

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