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5 Things to Know Today: Inflation Data, a Tariff Countdown, and a Big Energy Deal

  August 17, 2026 Inflation data lands this morning, the clock on the U.S. tariff deadline is down to two days, and a long-running provincial energy dispute is about to be settled. Here's what's moving your money today. 1. Today's Inflation Report Could Set the Tone for September Statistics Canada releases July's Consumer Price Index this morning. Economists are expecting the annual rate to tick up to roughly 2.9%, from 2.8% in June, mainly because gasoline prices swung higher again in July after the Middle East conflict pushed oil prices back up. Core inflation measures, which the Bank of Canada watches most closely, aren't expected to move much. What it means for you: A hotter-than-expected print would make it less likely the Bank of Canada cuts rates at its September 2 meeting, which matters if you're renewing a variable-rate mortgage or carrying a line of credit. A softer number keeps a cut on the table. 2. The Tariff Deadline Is Two Days Away, and Talks Are...
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U.S. Treasury Secretary Warns of Approaching Debt Ceiling Crisis


Treasury Secretary Janet Yellen has issued a stark warning that the United States could hit its debt ceiling as early as mid-January. In a letter to congressional leaders, Yellen stated that her agency would need to begin taking "extraordinary measures" to prevent the nation from breaching the debt limit. These measures are special accounting maneuvers intended to keep the government operating without defaulting on its obligations.

Yellen emphasized the urgency of the situation, urging Congress to act swiftly to protect the full faith and credit of the United States. The debt ceiling, which had been suspended until January 1, 2025, is expected to be reinstated on January 2, 2025. However, due to a scheduled redemption of nonmarketable securities held by a federal trust fund associated with Medicare payments, the Treasury does not expect to need to take extraordinary measures until January 14 to January 23.

The federal debt currently stands at approximately $36 trillion, a figure that has grown significantly over the years under both Republican and Democratic administrations. The spike in inflation following the COVID-19 pandemic has further increased government borrowing costs, making the situation even more critical.

Yellen's warning comes after President Joe Biden signed a bill last week that averted a government shutdown but did not address the debt ceiling issue. The bill was passed only after intense debate among Republicans over how to handle President-elect Donald Trump's demand to raise or suspend the debt limit.

As the new year approaches, the nation's fiscal health hangs in the balance, with lawmakers facing a critical decision on how to address the impending debt ceiling crisis.




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