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5 Things to Know Today: BoC Hikes to 2.50%, Prime Jumps, Oil Tops $100

  Thursday, October 29, 2026 | Canadian Money Brief The Bank of Canada raised interest rates for the first time in more than three years, and the banks are already moving prime. Here are the five things Canadians should know before the day gets going. 1 The Bank of Canada hikes to 2.50% and says more could follow The Bank of Canada raised its overnight rate by 25 basis points to 2.50% on Wednesday, its first increase since July 2023. The Bank Rate is now 2.75% and the deposit rate 2.45%. Governing Council said elevated energy prices are pushing up costs and that further hikes may be needed, but it will decide one meeting at a time. It now sees inflation rising to about 3.5% by the end of 2026 and still around 3.1% next year. Swap markets put roughly 45% odds on another hike at the December 9 decision, according to Reuters. What it means for you: RBC has announced its prime rate moves to 4.70% from 4.45% effective today, and the other big banks typically follow. On a $500,000 varia...
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Tech Stocks Rally After Inflation Data Shows Improvement

                                            

In a surprising turn of events, tech stocks led a market rally today following better-than-expected inflation data. Here are the key highlights:

  1. Inflation Eases Slightly: Despite persistent concerns about rising prices, the latest data indicates a slight easing of inflationary pressures.

  2. Consumer Price Index (CPI): The Consumer Price Index, a crucial measure of inflation, showed more favorable numbers than anticipated. This development has reinforced expectations that the Federal Reserve may soon cut interest rates.

  3. Tech Stocks Surge: Investors cheered the news, particularly in the tech sector. Companies like Apple, Microsoft, and NVIDIA (NVDA) saw significant gains.

  4. Market Outlook: With inflation under control, market sentiment has improved. The Dow Jones Industrial Average (^DJI) and the Nasdaq Composite (^IXIC) both posted strong gains.

While uncertainties remain, today’s positive data offers hope for investors. Keep an eye on further economic reports this week as the market reacts to changing conditions.






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