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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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 tracking the market-implied probability of a Federal Reserve interest rate hike at the September meeting.

The Federal Reserve held its policy rate at 3.5 to 3.75 percent Wednesday, but three of twelve voting members dissented in favor of a hike,…

The Fed Held Rates Steady. Markets Just Priced In an Eleven Point Jump in September's Odds.

July 30, 2026

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Line chart showing Brent crude climbing 5.1 percent over the week to 87.84 dollars a barrel as the Iran conflict and naval blockade escalated.

Brent crude rose 5.1% over the week to $87.84 a barrel as an escalating Iran conflict pushed oil back toward its earlier highs.

The TSX and Gold Both Set Records This Week. That Should Not Happen Together.

August 15, 2026

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Bar chart comparing six assets' weekly gains, showing energy markets rising roughly five times faster than equities or the Canadian dollar.

Six major assets all finished the week higher, but energy markets moved roughly five times faster than equities or the Canadian dollar.

The TSX and Gold Both Set Records This Week. That Should Not Happen Together.

August 15, 2026

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