The BoC just gave the economy another 25-basis-point energy shot. That means Canada's benchmark prime rate will now ease to 4.45%, effective tomorrow. It’ll mark the lowest prime rate since June 2022.
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Moreover, if leading variable rates track prime lower, they'll become the easiest qualifying option based on federal stress test rules.

Unfortunately for low-rate lovers, markets predict this will be the last cut for some time. OIS-implied odds for easing at the next (Dec. 10) rate meeting are just 10%, and only 35% for next year.

That comes after Macklem dropped this line this morning:

'Twas the night before rate decisions and all through the house, not a bond trader was stirring, not even their mouse.

In other words, the pre-decision calm on Tuesday was so absolute you could hear a bond coupon drop.

Leading up to today’s meetings, the real suspense hasn’t been about the cuts—25 beepers are already priced in. The question is what each central bank will say in its statements. Few are willing to bet big before these policy poets publish their verses, as just one unexpected adjective can erase weeks of expectations.

Markets appeared largely unfazed by Trump’s latest outburst targeting Canada, despite his new 10 per cent tariff hike. Perhaps it’s because most of the damage is already done. 

In an era where algorithms are gunning for back-office jobs, CMLS Financial’s Andrew Gilmour is strapping underwriters into "Iron Man suits" instead of replacing them.

In this 9-minute chat, the CMLS SVP breaks down how the lender’s AI engine, AMI, is changing the mortgage approval game — not by cutting people out, but by supercharging them.

But efficient lending isn't all circuits and silicon — it’s also about broker loyalty. Gilmour shares how CMLS’s new VIP program keeps brokers earning more long after the initial deal closes, how the marriage with Nesto is impacting the lender, and why he’s betting that brokers will still be a healthy slice of the mortgage pie for years to come.

Well that went sideways pretty quickly.

A few weeks ago, PM Carney was happily suggesting we'd see an interim trade deal with the Americans in a matter of “weeks.”

All of a sudden, Trump has scrapped the talks entirely, plus slapped another 10% tariff on Canadian imports for good measure.

Eager to try out CRA’s long-promised income verification tool for mortgage applications?

Well, you can stop refreshing your browser on CRA’s website. Not even the blueprint for this mythical system yet exists — and at this point, some in the industry suspect it’s been permanently parked in “let's do more studies” mode, right beside perennially detoured projects like high-speed rail and pipelines.

We asked the Finance Department and CRA whether they still plan to deliver this fraud-fighting, lender-efficiency miracle. Here’s what they came back with...minus the miracle.

American inflation came in a touch lower than markets expected, partly because shelter costs took a breather. That gives the Federal Reserve a clear runway for at least one, maybe two, rate cuts this year—before someone reminds them that inflation is supposed to have a 2-handle.

Here's the CPI scoreboard for September:

• Headline (y/y): 3.0% (est. 3.1% | prior 2.9%)
• Headline (m/m): 0.3% (est. 0.4% | prior 0.4%)
• Core (y/y): 3.0% (est. 3.1% | prior 3.1%)
• Core (m/m): 0.2% (est. 0.3% | prior 0.3%)

While investors braced in suspense for Friday’s U.S. inflation numbers, Trump was busy lighting up the headlines on Thursday. Not only did he impose sanctions on Russia and finally set a meeting with China's Xi, but he also cut off all trade negotiations with Canada.

That's right. Apparently, Trump didn't like a trade ad that Ontario was running in the U.S. (full story). Hopefully, Carney can blame the idea on a marketing intern or something.

It's the second time since June that Trump has called off trade talks with Canada over social media. Yields fell modestly in after-hours trading, given this new threat to Canadian growth.