Morning Money — Wednesday, October 28, 2026
Decision day for Canadian borrowing costs.
The Bank of Canada announces its rate decision at 9:45 a.m. ET. In Reuters’ poll, 19 of 34 economists expect a quarter-point increase to 2.50%—which would be the first hike since 2023. This is an expectation, not an announced decision. A hike could mean higher costs for variable-rate mortgages and lines of credit as banks adjust prime rates.
Oil puts inflation back in focus.
Crude rose more than US$2 this morning following an attack on a Saudi Arabian refinery, Reuters reported. Higher energy prices can support Canadian producers while squeezing household fuel budgets. TSX index futures were down 0.1% at 5:54 a.m. ET.
Before the opening bell.
At roughly 5 a.m. ET, Nasdaq-100 futures were up 0.3%, Dow futures were down 0.3%, and S&P 500 futures were just above flat. These are early snapshots, not opening prices.
Earnings keep AI in the spotlight.
Celestica jumped 11.9% Tuesday after beating quarterly estimates, helping the TSX close up 0.6% at 36,171.49. Today, Microsoft and Alphabet report after the U.S. market closes—another test of the technology rally.
What to watch:
Ottawa’s rate decision and updated economic forecasts at 9:45 a.m. ET, followed by the U.S. Federal Reserve at 2 p.m. ET. The Fed is expected to hold. Watch the Canadian dollar and bond yields as investors digest both banks’ guidance.
