Treasury
3-MO 4.17% +3bp 6-MO 4.27% +3bp 1-YR 4.45% +1bp 2-YR 4.76% unch 3-YR 4.82% -1bp 5-YR 4.83% -3bp 7-YR 4.89% -4bp 10-YR 4.96% -5bp 20-YR 5.33% -5bp 30-YR 5.29% -5bp 3-MO 4.17% +3bp 6-MO 4.27% +3bp 1-YR 4.45% +1bp 2-YR 4.76% unch 3-YR 4.82% -1bp 5-YR 4.83% -3bp 7-YR 4.89% -4bp 10-YR 4.96% -5bp 20-YR 5.33% -5bp 30-YR 5.29% -5bp 3-MO 4.17% +3bp 6-MO 4.27% +3bp 1-YR 4.45% +1bp 2-YR 4.76% unch 3-YR 4.82% -1bp 5-YR 4.83% -3bp 7-YR 4.89% -4bp 10-YR 4.96% -5bp 20-YR 5.33% -5bp 30-YR 5.29% -5bp 3-MO 4.17% +3bp 6-MO 4.27% +3bp 1-YR 4.45% +1bp 2-YR 4.76% unch 3-YR 4.82% -1bp 5-YR 4.83% -3bp 7-YR 4.89% -4bp 10-YR 4.96% -5bp 20-YR 5.33% -5bp 30-YR 5.29% -5bp 3-MO 4.17% +3bp 6-MO 4.27% +3bp 1-YR 4.45% +1bp 2-YR 4.76% unch 3-YR 4.82% -1bp 5-YR 4.83% -3bp 7-YR 4.89% -4bp 10-YR 4.96% -5bp 20-YR 5.33% -5bp 30-YR 5.29% -5bp 3-MO 4.17% +3bp 6-MO 4.27% +3bp 1-YR 4.45% +1bp 2-YR 4.76% unch 3-YR 4.82% -1bp 5-YR 4.83% -3bp 7-YR 4.89% -4bp 10-YR 4.96% -5bp 20-YR 5.33% -5bp 30-YR 5.29% -5bp
US Treasury par yield curve · Sep 21 · Source: U.S. Treasury
Monday, September 21, 2026
U.S. Edition
MONEY & WORLD
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Trade and inflation

Bank of Canada says new US tariffs could halve fourth-quarter growth

Money & World
The Editorial Team ·
The Bank of Canada headquarters in Ottawa, with its original stone building framed by glass office towers.
Photo: shankar s. from Dubai, united arab emirates / Wikimedia Commons (CC BY 2.0)

New US tariffs could roughly halve Canada's fourth-quarter growth to below 1 percent if they remain in place, Bank of Canada Governor Tiff Macklem said in a Monday speech. Products covered by the measures account for about 5 percent of Canada's goods exports to the United States.

Oil points the other way. Macklem said CPI inflation has remained near 3 percent, largely because of fuel, and would edge higher if oil stays near $100 a barrel. Under normal conditions, he said, a 10 percent oil-price increase adds about 0.2 percentage point to CPI inflation.

Canada entered this shock from a stronger base. Non-energy exports rose 14.5 percent in the second quarter, and business investment grew at an annualized 8.8 percent rate. The Bank held its policy rate earlier in September and said it will adjust policy as needed.

The document: Bank of Canada, Navigating uncertainty and adapting to change, September 21, 2026.

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