The Canadian Index

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Chart showing the Bank of Canada policy rate held at 2.25 percent against its 2 percent inflation target.

The Bank of Canada has held its policy rate at 2.25 per cent for a seventh consecutive decision, a quarter point above its 2 per cent inflation target, even as headline inflation ran a full point higher than that target in August on rent and gasoline costs. The US Federal Reserve, facing the same oil-driven pressure, was expected to move the opposite way, with markets pricing roughly nine in ten odds of a hike at its own decision the same week. Both banks are reading an identical shock and reaching different conclusions.

This chart is presented for general informational purposes only and does not constitute financial, investment, tax, or legal advice. Figures reflect the source and period indicated and may no longer be current.

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Line chart showing the TSX Composite retreating over 24 sessions as bond yields resumed climbing.

The TSX Composite gave back most of Thursday's post-Fed rebound by Friday, closing at 35,677.84 as bond yields resumed climbing.

TSX Gives Back Post-Fed Rally as Bond Yields Resume Climbing

September 18, 2026

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Bar chart showing gold and silver rising while the TSX and crude oil fell on September 18.

Six major markets split unevenly on September 18: silver rose 2.32 percent and gold 1.00 percent even as both Canadian and U.S.

Gold and Silver Rise With Yields, Breaking the Usual Pattern

September 18, 2026

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Line chart showing WTI crude oil climbing 21.8 percent over a month as the Hormuz conflict widened.

WTI crude gained in nine of ten trading sessions through mid-September as a tanker war in the Strait of Hormuz widened into direct strikes on Saudi Arabian supply infrastructure.

The Week the Same Barrel of Oil Split the BoC From the Fed and the TSX From Its Own Energy Sector

September 12, 2026

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Line chart comparing Bank of Canada and US Federal Reserve policy rates monthly from January to September 2026.

The Bank of Canada held its policy rate on September 2, 2026, its seventh consecutive hold this year, citing strong second-quarter growth alongside rising inflation risk.

The Bank of Canada Has Held Seven Times This Year. The Fed Just Broke Its Own Pattern.

September 23, 2026

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Line chart comparing the Bank of Canada overnight rate and the Federal Reserve target band through July 2026.

The Bank of Canada held its overnight rate for a sixth consecutive meeting on July 15, citing energy driven inflation pressures that are…

The Bank of Canada Held at 2.25% for a Sixth Meeting. The Fed Held Too, but Three Votes Said No.

July 31, 2026

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Line chart showing market-implied odds of a Federal Reserve July rate hike falling from 46 percent to under 17 percent.

Market-implied odds of a rate hike at the Federal Reserve's July 29 meeting have fallen from a peak above 46% to under 17% by July 21, per CME FedWatch data.

The Fed Odds Faded. The BoC's September Dilemma Didn't.

July 23, 2026

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