5 Things to Know Today — September 24, 2026
Thursday, September 24, 2026
5 Things to Know Today
Bond yields are hitting levels not seen in decades, Trump and Xi just extended a trade truce, and the Bank of Canada is mired in a near-100-day strike. Here's what Canadians need to know this morning.
1 · Markets
TSX Sinks as Bond Yields Hit Multi-Decade Highs
The TSX dropped 584 points on Wednesday — a 1.61% slide — closing at 35,751.43 and breaking through its 25-day and 50-day moving averages. It was the worst single-session performance in weeks, reversing three straight days of gains. The selloff was driven by rising energy prices and a global bond market rout that has sent U.S. 10-year Treasury yields toward 5.1%, their highest since 2007, while Canada's 30-year yield hit a level not seen since 2004. Higher yields pull money out of equities and push up borrowing costs across the board. Big bank stocks led the decline — RBC fell 2%, TD dropped 2.4%, BMO shed 2%, and Scotiabank retreated 1.6% — while gold miners added to their recent losses, with Agnico Eagle off 3.9%, Barrick down 3.2%, and Wheaton Precious Metals tumbling 5.4%.
What it means for you
Rising bond yields translate directly into higher fixed mortgage rates, costlier lines of credit, and HELOC payments. If you're renewing a mortgage or shopping for a home loan, the rate environment today is notably tighter than it was even a month ago. TFSA and RRSP investors holding equity funds saw another bruising session. The loonie also slipped on oil's retreat and the widening Canada-U.S. interest-rate gap.
2 · Trade & Tariffs
Trump and Xi Extend Trade Truce — Canada Watches Closely
Chinese President Xi Jinping landed in Washington on Wednesday for his first U.S. state visit in more than a decade, and Treasury Secretary Scott Bessent promptly announced the two countries are extending their trade truce by two months, pushing the deadline to mid-January. Trump gave Xi a rare tarmac welcome at Joint Base Andrews — the first time a U.S. president has greeted a foreign leader on the runway in decades. The talks are expected to cover trade, AI safety, and the ongoing U.S.-Iran war in the Middle East. Markets initially cheered the diplomatic optics before the bond market's surge in yields dampened the mood. The U.S. and China had been discussing reciprocal tariff reductions on about $30 billion worth of goods from each side.
What it means for you
Canada is still a spectator here — but any softening in U.S.-China trade tensions tends to calm global markets, which benefits Canadian exporters and TSX investors alike. More concretely, if the two powers agree to reduce tariffs on Chinese goods entering the U.S., it may ease inflationary pressure on North American consumer goods. Watch for Carney's response and whether Canada pushes for its own renewed trade talks in Washington.
3 · Bank of Canada
BoC Strike Nears 100 Days — NDP Says Ottawa Is Breaking Its Own Law
Security officers at the Bank of Canada have been on strike since June after negotiations for a new collective agreement broke down. As the dispute nears the 100-day mark, NDP Leader Avi Lewis rallied with striking workers on Parliament Hill on Wednesday, accusing the federal government of defying Canada's own replacement worker ban. Ottawa passed legislation in 2024 prohibiting federally regulated employers from using replacement workers during a legal strike — rules that took effect last year. The Canada Industrial Relations Board has already issued two decisions finding the central bank contravened the Canada Labour Code by using contractors and union members as replacements. This is the first real test of the replacement worker law, and the government's response so far is drawing sharp criticism.
What it means for you
The BoC strike doesn't affect monetary policy operations or your banking directly. But it does underscore the tension between the Carney government's pro-worker brand and its actions as an employer. The CIRB rulings mean this story is heading toward a legal showdown — and how it resolves could set a precedent for replacement-worker law enforcement across all federally regulated industries.
4 · Jobs & Employment
Bill C-39: Ottawa Proposes Major Shake-Up to Federal Labour Rules
The Carney government's Bill C-39 — the Building Canada Strong Act, tabled September 21 — is drawing mixed reactions. Employer groups say the proposed changes to the Canada Labour Code are a step in the right direction, but some want the government to go further to prevent costly work stoppages in critical industries. Unions are calling the bill an attack on workers' rights. The legislation would give the labour minister expanded power to intervene in strikes or lockouts that are deemed to affect the "national interest" — a broad test that weighs economic impact against workers' right to strike. It also includes new tools to push both sides toward a deal when there's a history of difficult negotiations. The bill also bundles in streamlined project-approval timelines, aiming to cut federal reviews of major infrastructure projects to one year.
What it means for you
If you work in a federally regulated sector — rail, airlines, telecom, banking — this bill could change the rules of the next contract negotiation. For businesses and supply chains, faster government intervention in critical strikes could mean fewer disruptions. For workers, it raises real questions about the right to strike. And for Canada's broader economy, shorter project-approval timelines — if they pass — could unlock investment in pipelines, ports, and infrastructure that's been stuck in regulatory limbo.
5 · Business & Consumer
Starbucks Is Closing 250 North American Stores — Including in Canada
Starbucks is shuttering another 250 underperforming locations across North America this week, according to a regulatory filing made Thursday. The closures represent roughly 1% of the chain's approximately 18,000-location footprint in the U.S. and Canada. CEO Brian Niccol, who took the helm in late 2024 to steer a turnaround, says the move is about concentrating resources on higher-potential stores rather than shrinking the brand. Longer term, the company still plans to grow its store count. Starbucks has been under pressure from slowing foot traffic, rising labour costs, and consumer pushback on pricing. The specific Canadian locations affected have not yet been confirmed publicly.
What it means for you
If your regular Starbucks is on the closure list, check the company's app or the store locator this week. Broader takeaway: the big-chain coffee shake-out reflects the same squeeze Canadian consumers are feeling — high prices, tight budgets. Independent cafés and Tim Hortons have picked up customers in similar past closure waves. For TFSA or RRSP investors holding consumer discretionary ETFs or Starbucks (SBUX) directly, note the stock's sensitivity to these restructuring moves.
Published by MoneySavings.ca · Canadian Money Brief · September 24, 2026
This content is for informational purposes only and does not constitute financial, legal, or investment advice. Always consult a qualified professional before making financial decisions.
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