The statement said economic activity is expanding at a strong pace, inflation remains elevated and the Committee will gather more information before deciding the stance needed for a timely return to 2%, adding that it 'will deliver price stability'. It was the first meeting since September's hike, the Fed's first increase since July 2023.
why it mattersTwo dissents for a hike and no easing language make a December increase the base case, so price floating-rate debt and cash yields on 4%-plus policy into 2027.
Federal Reserve
The Bank cited oil prices that remain persistently high in the eighth month of the Middle East conflict, CPI inflation around 3% since April and expected to reach about 3.5% by year-end, and growth tracking about 2% in the third quarter. The next decision is on 9 December.
why it mattersCanada has joined the Fed and the ECB in tightening against energy-driven inflation, so treat the 2026 rate cycle across the G7 as upward until oil breaks.
Bank of Canada
Savings and property income will be taxed at 24%, 44% and 49% from April 2027, on top of last year's two-point rise, while the £20,000 cash ISA limit stays and employment and dividend income are untouched; the bank surcharge rise raises £1.5 billion and ends 31 March 2028. The Treasury put headroom against the stability rule at £15 billion in 2029-30, £9 billion less than in March, funded a £100 household energy payment in 2027 and extended the electricity VAT cut to July 2027.
why it mattersUK bank earnings carry a 6% surcharge for the next 15 months and unwrapped UK savings income loses another two points, so ISA-wrapped holdings and non-bank exposure are the better UK positions from April.
HM Treasury
The 20 October breach of its website through a third-party monitoring tool also exposed 25,964 buyer records, some kept past the company's 180-day deletion promise. Keystone said the key cannot be changed in shipped devices, that recovery phrases and private keys were not involved, that devices delivered before 20 October which pass its check are genuine, and that any call, text or letter offering a recall, refund or help moving funds is a scam.
why it mattersIf you hold a Keystone, treat any device received after 20 October as unverified until support confirms it, and expect targeted phishing against the leaked address list.
Keystone