The Canadian Index

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Line chart tracking the market-implied probability the US Federal Reserve holds rates steady in September 2026.

Market-implied odds that the US Federal Reserve holds its benchmark rate steady in September rose to about 60%, up from roughly one in three a week earlier. The shift followed a July jobs report showing the US economy shed 23,000 positions against expectations for an 85,000 gain, with a combined 103,000 stripped from the prior two months in revisions. Three Fed regional presidents had dissented in favour of a hike days earlier, a case the jobs data immediately undercut.

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 of the TSX Composite over the week the Fed hiked rates and the Bank of Canada held.

Two G7 central banks moved in opposite directions the week of September 15: the Federal Reserve raised its policy rate a quarter point to…

The Week the Bank of Canada's Own Rate Stopped Setting Canadian Borrowing Costs

September 19, 2026

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Line chart showing the gap between Bank of Canada and Federal Reserve policy rates narrowing from 250 to 150 basis points.

The gap between the Bank of Canada's and the US Federal Reserve's policy rates has narrowed sharply since January 2025, as the two central…

The BoC and the Fed Have Stopped Moving Together, and Oil Is the Reason Why

September 11, 2026

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Step chart showing the Bank of Canada's overnight rate holding steady at 2.25% through six consecutive decisions into July 2026.

The Bank of Canada has held its overnight rate at 2.25% for six consecutive decisions, the endpoint of a cutting cycle that began in June 2024.

Fed Hike Odds Jumped to 80% in a Week. The Bank of Canada's Math Has Not Changed

July 21, 2026

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Line chart showing WTI crude oil jumping 16.4 percent since its July 6 low after the Hormuz blockade resumed.

WTI reversed three weeks of decline in just two trading sessions after the US reinstated its naval blockade of Iranian ports on July 13.

Two Central Banks Report to the Public This Morning, and They Are Reading the Same Oil Shock Differently

July 15, 2026

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Bar chart showing nine of twelve Federal Reserve officials favouring interest rate hikes in June 2026.

Minutes from the June 16 to 17 Federal Reserve meeting, the first chaired by Kevin Warsh, showed nine of twelve officials favouring higher…

The Fed's Internal Vote Just Turned Hawkish. The Bank of Canada Has Not Moved. Wednesday Puts Both on Display.

July 13, 2026

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Line chart showing the Government of Canada five-year bond yield climbing through August and September.

Canadian headline inflation held at 3.0 percent year over year in August, matching July, but the underlying number worsened: inflation…

The Bond Market Already Moved Before the Bank of Canada Has To

September 21, 2026

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