TSX Slips After Fed Rate Hike

The TSX shed 0.3% to close at 35,491 on Wednesday following the US Fed’s widely expected decision to raise its benchmark rate by 25 bps to a 3.75%-4% range. Major banks were mostly lower, with RBC down 0.5%. Gold prices fell following the FOMC decision. Miners also traded mostly lower, with WPM erasing earlier gains to fall 1.9%, while Franco-Nevada shed 1.1%. Energy stocks weighed on the index as oil prices retreated, with Canadian Natural down 3.3% and Suncor off 3.6%. Elsewhere, European Commission President von der Leyen said the EU is opening the door for Canada to become its first “associate member,” with cooperation across manufacturing, AI, critical minerals and energy. The move comes amid an escalation in the US-Canada trade war after talks collapsed last month.