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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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Sam Bankman-Fried Sentenced to 25 Years for Defrauding FTX Investors

 



In a stunning turn of events, Sam Bankman-Fried, the co-founder of the FTX Cryptocurrency Derivatives Exchange, has been handed a 25-year prison sentence. This once-prominent billionaire now faces the consequences of orchestrating one of the largest frauds in financial history.

Bankman-Fried’s downfall began when FTX, the exchange he helped create, collapsed. Users were left reeling as their investments vanished. The court found him guilty on seven criminal counts in November, leading to his detention at the Metropolitan Detention Center in Brooklyn.

In a federal courtroom in lower Manhattan, U.S. District Judge Lewis Kaplan delivered the verdict. He dismissed the defense’s arguments as misleading and logically flawed, emphasizing that Bankman-Fried had obstructed justice and tampered with witnesses during his defense. Clad in a beige jailhouse jumpsuit, Bankman-Fried expressed remorse, admitting to a series of “selfish” decisions that ultimately led to his downfall.

Prosecutors initially sought a staggering 50-year sentence, while Bankman-Fried’s legal team pushed for no more than 6½ years. The judge’s decision landed in the middle, sending a clear message: financial crimes will be met with swift justice and severe consequences.

One victim, whose name remains redacted, penned a heartbreaking letter: “My whole life has been destroyed. I have 2 young children, one born right before the collapse. I still remember the weeks following where I would stare blankly into their eyes, completely empty inside knowing their futures have been stolen through no fault of our own. I did not gamble on crypto. I did not make any crypto gains” .

As the crypto world grapples with the aftermath, Bankman-Fried’s sentence serves as a stark reminder: integrity and accountability are paramount in financial systems. Let this be a cautionary tale for all who tread the treacherous waters of high finance.

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