Submitted by The Bureau’s Sam Cooper,

Discord, the communications platform now under scrutiny as U.S. investigators examine chat room messages involving the alleged assassin of conservative activist Charlie Kirk, is also being used by left-wing Antifa-aligned networks in Canada to organize and share dossiers on political targets, according to Toronto lawyer and independent journalist Caryma Sa’d.

In a wide-ranging interview for The Bureau Podcast, Sa’d, who has covered a proliferation of street protests in Canada, alleged that Antifa-aligned networks rely on gated Discord servers to coordinate harassment campaigns and “dox-style” targeting of foes. Even more alarming, she said, is that some of the information shared would not be publicly available, suggesting that government, legal, or union insiders may have leveraged sensitive data.

Documenting Ottawa’s Blind Spot on Antifa — and Concerns Around Its Funding of an ‘Anti-Hate’ NGO https://t.co/tlBRP8k1u1

— Sam Cooper (@scoopercooper) September 17, 2025

What makes her claims especially relevant in the current climate is her belief that the Canadian Anti-Hate Network (CAHN), a federally funded nongovernmental organization, has been involved in what she perceives as Antifa’s targeting activity in Canada. Because Canada’s Liberal government has directed nearly $1 million to CAHN, and because the group liaises with public safety agencies to disseminate its perception of extremist threats, Sa’d argues this has skewed the state’s focus, overlooking the growing threat of violence from Antifa.

Sa’d says that both she and some of her clients have been singled out, and she describes Antifa as a loosely aggregated, cell-like organization that transcends the U.S.–Canada border, operating simultaneously in online forums and in street collectives. These protests, she says, often coalesce under a “solidarity” banner that brings together activists for trans rights, Indigenous rights, migrant rights, encampment movements, safe-supply campaigns, and pro-Palestine demonstrations.

“If we think of Antifa as a movement, it’s not, at least to my observation, like, ‘here’s your card, you’re now a card-carrying member and please pay your dues,'” Sa’d explained. “It’s more like a cell structure and there is both an online and a real-world component. It’s organized regionally, but particularly the online aspect can be national and international. And Discord plays a huge part in this because it allows people to connect online in private servers.”

Sa’d did not provide details of her investigations into the alleged targeting dossiers shared on Discord, but suggested her research grew out of her own experience of being targeted.

“The compiling of information on political targets could include social media handles, involvement in court cases, where they live, who their family is, what their connections are, and where they appear in public life,” Sa’d said.

According to Sa’d, Anti-Hate had first approached her to collaborate on some research publications, “that never panned out.”

“We couldn’t agree to terms and that was fine. And a few months after that, I was the subject of an article that framed me as a fascist sympathizer. And, you know, it’s only gotten worse since then.”

Public records show that CAHN has received a total of $908,400 in federal funding across three agreements since 2020: $268,400 under Canadian Heritage’s Anti-Racism Action Program; $440,000 under Canadian Heritage’s Community Support, Multiculturalism and Anti-Racism Initiatives Program; and $200,000 from Public Safety Canada’s Community Resilience Fund for a two-year project running from April 2024 to March 2026.

Sa’d said this funding is problematic because, in her view, CAHN “takes public money to put targets on private citizens.”

“How I came to be interested, particularly in Antifa, is the Canadian Anti-Hate Network,” she said. “It is an NGO that purports to document and fight against specifically far-right hate. And in having such a narrow focus, I think that has created almost a vacuum that has allowed the far left to metastasize.”

She pointed to an Ontario court ruling that found CAHN had assisted the Antifa movement.

In the court case Sa’d cited, the judge accepted evidence that CAHN “did in fact assist Antifa” and acknowledged the movement’s violent record. CAHN, for its part, denied supporting violence “directly or indirectly” or funding “violent Antifa.”

Sa’d said she is concerned that the government’s funding of CAHN has contributed to a skewed perspective among Canadian public safety officials.

“There is an ideological bent to what law enforcement is choosing to focus on,” she said, arguing that federal intelligence and policing have over-weighted threats from the right while under-recognizing left-aligned street violence. She cited on-scene incitement at a Toronto protest following the Kirk shooting, in which a woman she classified as an Antifa-aligned activist told another person—”die fascist, one in the neck”—an evident reference to Kirk’s shooting. The remark, captured on tape, drew little response from Toronto police, Sa’d said.

Tyler Robinson, 22, was charged yesterday with the aggravated murder of conservative activist Charlie Kirk in the shooting at Utah Valley University that Utah’s governor, Spencer Cox, called a political assassination. Charging documents say Robinson, who had recently become engaged with left-wing politics and was dating a partner who was transitioning to female, decided to shoot Kirk because he believed Kirk “spreads too much hate,” saying he had “had enough of his hatred.”

Prosecutors allege Robinson planned the act over a week; after the shooting, he allegedly sent texts and Discord messages admitting his role. Among the most telling evidence, Cox said last week, were bullet casings inscribed with phrases including “Hey fascist, catch this” and references to the anti-fascist anthem Bella Ciao—a song that originated with Italian partisans resisting Nazi occupation in World War II and has since been adopted by Antifa-aligned groups in the United States, according to reports. FBI Director Kash Patel has since said dozens of Robinson’s Discord contacts will be questioned as part of the investigation. Though an internal Discord review reportedly found “no evidence that the suspect planned this incident or promoted violence on Discord,” Patel told Congress that investigators will examine members of the same group chat.

In an interview with The Bureau, Sa’d described how Discord servers are tiered, with some rooms requiring special access. In exclusive spaces, she said, dossiers on political targets are shared.

“The information isn’t always publicly sourced,” she said, “which would suggest that some of the participants have access to information by virtue of being public servants or members of particular unions. And I don’t say any of this lightly. In my travels, I’ve encountered people from various professions—teachers, professors, nurses, bureaucrats, lawyers, political staffers—who are involved in this movement.”

Sa’d said both she and her clients have been targeted, and that police have shown a persistent reluctance to investigate what she described as “verifiable, documented” harassment and swarming. “There just doesn’t seem to be an appetite to get to the bottom of this,” she said.

While she stopped short of attributing direct foreign interference to fomenting protest movements in Canada, Sa’d noted that footage of Canadian unrest is often amplified by outlets from hostile foreign states, and that protest narratives sometimes pivot inorganically in ways consistent with outside influence. Her conclusion was blunt: Canada’s institutions — from school boards to the Prime Minister’s Office — are politicized and vulnerable to extremism, and “cleaning house” in Canada’s approach to countering extremism is a prerequisite for restoring even-handed rule of law.

On Wednesday the European Commission presented a proposal for new tariffs and sanctions aimed at pressuring Israel to quickly end its military operations in Gaza, in addition to sanctions measures on two Israeli ministers known for their fiery anti-Palestinian rhetoric.

“The horrific events taking place in Gaza on a daily basis must stop,” EU Commission President Ursula von der Leyen said after presenting the proposal to the EU Council. “There needs to be an immediate ceasefire, unrestrained access for all humanitarian aid, and the release of all hostages held by Hamas.”

The measures would if implemented constitute a major, historic blow to EU-Israel relations. The commission appears to be largely responding to the new Gaza City offensive, confirmed to be in full swing this week, and the major United Nations investigation just released which concluded that Israel is guilty of genocide.

“We’re not proposing to suspend trade with Israel, we are proposing to suspend trade preferences,” said a senior unnamed European official.

A decades-long deal and trade-related pillar of the Israel-EU Association Agreement is reportedly what’s on the chopping block. According to Middle East Eye:

Trade Commissioner Maros Sefcovic said on Wednesday that if a qualified majority is reached, the EU will impose 230m euros ($166m) tariffs on 37 percent of the 15.9bn euros of the EU’s imports from Israel, instead of free trade. 

Israel is the EU’s largest trade partner. In 2024, EU-Israel trade reached a record 42.6bn euros, of which 37 percent is “preferential treatment”, according to the EU’s foreign policy chief Kaja Kallas.  

“So definitely this step will have a high cost for Israel,” Kallas told Euronews on Tuesday.

The two ministers being targeted in the potential new measures are National Security Minister Itamar Ben-Gvir and Finance Minister Bezalel Smotrich. They would face asset freezes and a blanket travel ban for travel within the European Union.

Smotrich’s latest Wednesday comments will not at all help his case in the eyes of European officials. He has newly stated that the Gaza Strip that the Gaza Strip is a “real estate bonanza.” Further he claimed to be in talks with the Americans on how to divide the enclave up once the Palestinians are kicked out.

There is “a real estate bonanza” in Gaza that “pays for itself” and he has “already started negotiations with the Americans,” he said at a conference in Tel Aviv, according to local media.

“We have poured a lot of money into this war. We have to see how we are dividing up the land in percentages,” Smotrich said, explaining that “the demolition, the first stage in the city’s renewal, we have already done. Now we just need to build.”

At the start of September, Goldman hosted its 32nd annual Global Retailing Conference, followed by last week’s technology forum. It’s been a packed first half of the month for Goldman analysts, who have been busy digesting comments from corporate executives and sharing key takeaways with clients on how business leaders see the evolving world. 

On Monday, Goldman Sachs Managing Director Kate McShane penned a note for clients about the four key questions investors had following Walmart’s appearances at its retail and technology conferences.

McShane noted that the mega-retailer is on track to deliver stronger-than-expected results in both the near term and the long term. She expects Walmart to sustain top-line growth of at least 4% while expanding operating income at a high-single- to low-double-digit pace.

She also highlighted that profitability in US e-commerce, which turned positive in the first quarter and doubled in the second, is being driven by lower delivery costs and growth in alternative revenue streams such as its marketplace, data ventures, media unit, and WMT+ subscription service. 

McShane maintains a “Buy” rating on the stock, with a 12-month price target of $114.

Here are the four most critical questions investors were asking about Walmart following the conferences:

1. How is Walmart’s competitive positioning v. Amazon, especially when it comes to delivery?

Walmart, while acknowledging Amazon as a formidable competitor, is confident that their combination of value, its fresh and produce merchandise offering and its speed are key differentiators to their competitive position. Walmart can deliver to 94% of US households in 3 hours or less, with the company expecting that to expand to 95% by year-end. Looking at scheduled deliveries, which are a large part of Walmart’s business, about one-third are fast (3 hours or less), with 25% of fast deliveries now occurring in 30 minutes. Walmart has observed that when customers utilize fast delivery, their frequency starts to increase and their basket composition often changes; while many customers start with fresh food, after using fast delivery, they may also purchase general merchandise (i.e., fashion, home goods).

2. How is Walmart’s marketplace differentiated both for buyers and sellers?

A key differentiator for Walmart’s marketplace versus peers is its grocery offering, given that grocery items move the fastest and Walmart is the largest grocer in the US. To further differentiate themselves from others the company is now displaying select Marketplace seller items in stores, with a QR code to order the item through the Walmart app. These codes allow customers to access digital tools, services and an extended online assortment. Walmart is bringing the extended Marketplace aisle into stores, starting with a few items on display. Customers can purchase through the Walmart app and even have their items professionally installed. And finally for sellers, they offer two services; Walmart Fulfillment System and Data Ventures. When a seller joins the Walmart Fulfillment System, it helps lift a seller’s GMV 50% on average. Data ventures can provide sellers with valuable insights on their selling trends.

Per management, there is a symbiotic relationship between eCommerce and WMT’s higher margin businesses (i.e., advertising, data, membership, marketplace, fulfillment); as eCommerce grows, WMT has a greater opportunity to expand these higher margin businesses, and the company can reinvest those dollars into experience and price.

3. What consumer trends are Walmart seeing?

US consumer behavior has been generally consistent. In 2Q, WMT saw ongoing share gains across key categories and all income cohorts, with upper income households contributing the largest gains. The company is seeing strong demand from middle to upper income consumers, while the middle to lower income has experienced a bit of stress, calling out a behavioral change around items with higher costs due to tariffs. That said, consumers have held up well, and WMT expects to see similar trends for the balance of the year. In terms of quarter-to-date trends, WMT started this quarter with similar strength on the top line, noting that 2Q trends are extending into 3Q.

Insights from HundredX

We supplement our work with data from HundredX, a mission-based data and insights company that takes an innovative approach to monitoring consumer perceptions and gathering consumer feedback to understand trends across 80+ industries and 3,000+ brands. HundredX analyzes collective opinions of everyday customers and evaluates how their priorities influence purchasing decisions and attitudes toward businesses and brands.

4. How is Walmart thinking about price in 2H?

In the US, inflation is in the +LSD range, following price increases in food categories for multiple years now. Looking to general merchandise, prices went up as supply chains were stretched after the pandemic, which was followed by a decline in prices. In the current tariff environment, WMT has seen a gradual increase in cost levels in general merchandise, leading to single-digit inflation. Per management, the elasticity response has been better than expected, noting that when prices go up, units go down correspondingly, but consumers move from one item or category to another as prices change. As of the end of July, about one-third of WMT’s assortment would have had a price change, and by the time of 1Q26, it is expected be the full base. When tariffs became a possibility, WMT started value engineering its 3Q/4Q assortment, taking out costs and holding prices when possible. Per management, WMT’s price gaps remain consistent, noting that the company made investments a few years ago to establish a position and has maintained that. Looking at the GS grocery pricing survey (ran by Leah Jordan), price gaps for WMT widened in August to -13.6%, versus an average of -11.9% for the last 12 months indicating to us that WMT is focused on providing more value through food in order to keep overall prices low for the consumer and take more share.

These questions come as Walmart shares have gained 15% year-to-date, though the stock remains below the peak reached in mid-February.

. . . 

By Michael Every of Rabobank

As Christian Lawrence notes in ‘Under Pressure’, we expect a 25bps rate cut today. However, as the Wall Street Journal puts it, this is “the strangest Fed meeting in years” as “Consequential and contentious debates over the path ahead on rates are playing out under the glare of extraordinary political drama.” Indeed, to project dots, might future Fed meetings look like The Apprentice?

Or could it be the War Room from Dr Strangelove? To quote General Clemenceau as quoted in that movie, “War is too important to be left to the generals.” If so, when do we do monetary policy too? “Gentlemen, you can’t set rates in here! This is the FOMC Room!” That development would make the next Fed Chair ‘Dr Strangecurve’… which gold is of course pricing for.

Meanwhile, the Great Game continues to come into sharper focus in global War Rooms for those not staring too hard at lines on their Bloomberg screens.

The SCMP headline today is, ‘As the US retreats, can Xi Jinping’s new initiative shape the future world order?’ They add, “Analysts say the Global Governance Initiative reflects China’s ambitions to shape a multipolar world, but it needs more substance to avoid becoming an ‘empty shell’.”

That’s as ‘Greenland’s defenses are being bolstered against Russia and China, but Trump may be the real target’ (CNN) – I’m sure the Pentagon is terrified if so; the US warned Canada of potential negative consequences if it dumps F-35 fighter jets; Israel presented Syria with a proposal for a new security agreement, which it hasn’t yet replied to; and Papua New Guinea and Vanuatu have refused to sign the defense treaties with Australia it had drawn up for them.

In short, the boundaries of emergent geopolitical blocs continue to be thrashed out in real time alongside those of the matching geoeconomics.

There, the SCMP claims a Trump China trip many hinge on Boeing and soybean deals and that “significant progress” has been made. Recall the Farce One Trade Deal which was an irrelevant thing in markets nearly six years ago? It’s unlikely to play out again, even as Trump extended TikTok’s deadline as US investors seem set to take 80% control of it while the actual algorithm stays with China.

Rather, the US is beginning the review of trade deal with Canada and Mexico – expect far stronger measures to ringfence US production in some key sectors and guidance on transshipment from outside the bloc. PM Carney reportedly told Anglo American to move its HQ to Canada for the Teck deal approval, which is Anglo American in the broadest sense. The UK has paused its push for a 0% US tariff on steel, which it makes very little of, as PM Starmer prefers to lock in a “permanent” 25% rate, but the Trump state visit is going to see US tech giants pledge billions for UK AI infrastructure. Moreover, the US government will start a multibillion mining initiative for critical minerals via the IDFC and hedge fund Orion.

The EU and Indonesia are set to agree a trade deal next week, which the Financial Times claims is to “seek to reduce reliance on the US.” Except both economies want to be net exporters, so won’t import much from the other, especially against public protests and political populism, and both signed trade deals with the US which don’t allow them to export anything to it they import in volume from China. As such, an EU-Indonesia trade deal is still a step towards a US-centric trading bloc. Just don’t expect many headlines saying so from Brussels or Jakarta.

The EU will reportedly adopt new sanctions against Israel today, which could involve removing trade privileges. As the EU runs hefty trade and services surpluses with Israel, that could mean it takes the larger economic blow should things escalate, while Israel is a key source of defence tech, such as Iron Dome, that a Europe trying to rearm rapidly may have to buy from the US, which will continue to work with Israel, or duplicate domestically at higher cost, and much more slowly.

In Australia, Khapra beetle, a threat to grains industry, was just discovered in imported nappy pants. Moreover, a top cyber expert says, “China could disable or detonate Aussie EVs.” He notes, “Take off the safety features of household batteries so that they overcharge. Take off those same safety features for electric vehicles. Just turn them off from the manufacturer so that those vehicles explode,” and argues the nature of war isn’t changing, but technology is. Of course that’s just paranoia or is only for Aussie EVs… right?

In markets, the recently fired US BLS chief has just called her dismissal a “dangerous step”, claiming she wanted to modernize federal statistics but the agency “got caught in DOGE’s crosshairs.” Well, now there are lots of crosshairs to get caught in, or so it seems. How many of them are the BLS taking into account? Indeed, while timely and accurate economic data are regarded as essential, in a contested geopolitical and geoeconomic environment, will it be in the best interests of governments to share them?

For those quoting Dr Strangelove’s “Of course, the whole point of a doomsday machine is lost if you keep it a secret! Why didn’t you tell the world, eh?”, or shrieking “because markets!”, have you noticed what’s happened with some key data series in China in recent years, or in Russia since the war started? Logically, would you share targetable signs of economic weakness or strength via online data platforms that the other side can read and model as its leisure? Do you show other market players your books?

If not, what makes you sure you will see the real numbers going forwards as the West embraces more bloc-based realpolitik neo-mercantilism? More darkly, what makes you think you do now – “because markets”?

Over to you, Dr Strangecurve.

General Mills reported first-quarter earnings that exceeded Wall Street’s expectations, driven by a divestiture gain, despite slower sales. The maker of Cheerios and Blue Buffalo reaffirmed its full-year outlook, cautioning that EPS will remain under pressure as it invests to reignite volume-driven organic net sales growth. Notably, GIS executives have warned about a continued shift toward consumers eating at home rather than spending at restaurants. This is troubling news as the back-to-school season gets underway and the holiday shopping season begins in about two and a half months.

Besides Cheerios and Blue Buffalo, GIS also controls other top brands, including Cinnamon Toast Crunch, Betty Crocker, Nature Valley, and Yoplait. It delivered better-than-expected EPS and margin despite broad sales declines, with strength in International offset by weakness in North America Retail and Pet. 

GIS Q1 Highlights (using Bloomberg Consensus data) 

Earnings: Adjusted EPS $0.86 (vs. $1.07 y/y), topping estimates of $0.82.

Margins: Adjusted gross margin 34.2% (vs. 35.4% y/y), above 33.4% consensus.

Sales: Net sales $4.52B, down 6.8% y/y, in line with estimates.

• North America Retail: $2.63B (-13% y/y, in line).

• Foodservice: $516.7M (-3.6% y/y, slightly above).

• Pet: $610M (+5.9% y/y, below est. $622.6M).

• International: $760.2M (+6% y/y, above est. $736.3M).

Organic Performance

Organic net sales down 3% (vs. -2.9% est).

• North America Retail -5% (vs. -4.8% est).

• Pet -5% (vs. -2.9% est).

• Foodservice +1% (vs. +0.2% est).

• International +4% (vs. +2.4% est)

Organic sales volume -1 pt (in line).

Organic price/mix -2 pts (vs. -1.8% est).

GIS reaffirmed its full-year outlook for adjusted EPS to decline as much as 15% and organic sales between -1% to 1%.

GIS FY26 Outlook

• Reaffirmed organic net sales guidance: -1% to +1% (vs. -1.07% consensus).

• Maintains forecast for adjusted EPS to decline 10–15% in constant currency.

• Expects adjusted operating profit down 10–15% in constant currency.

Food and beverage companies have faced lower volumes and softer demand as cash-strapped shoppers seek value.

One way consumers have tightened budgets is by buying more food for home rather than dining out. This trend began during the inflation surge under the Biden-Harris regime several years ago. Although inflation has eased during Trump’s second term, some consumers continue to cook at home.

“General Mills has said a rise in cooking at home among value-conscious consumers struggling with inflation has helped boost some of its staples, including rice and beans,” Bloomberg noted, adding, “Still, shoppers who are anxious about the economy have been cautious with their spending and turned to private-label options and smaller package sizes.” 

Oil prices leaked lower overnight after a three-day advance as traders assess the fallout from Ukrainian attacks on Russian energy infrastructure and a Federal Reserve interest rate decision later Wednesday.

WTI was trading around  $64.50 a barrel after gaining 3.2% in the previous three sessions. Ukraine attacked the Saratov refinery in its latest strike on Russian energy facilities – which have helped cut the OPEC+ member’s production to its lowest post-pandemic level, according to Goldman Sachs.

A big crude draw reported by API overnight will prompt some buying pressure if confirmed by the official EOA data.

API

• Crude -3.42mm (-1.6mm exp)

• Cushing

• Gasoline -691k

• Distillates +1.9mm

DOE

• Crude -9.285mm – biggest build since June

• Cushing -296k

• Gasoline -2.347mm

• Distillates +4.046mm

US crude stocks plunged over 9 million barrels last week (far greater than expected and the biggest draw since June). Gasoline inventories also saw a drawdown while distillates stocks rose for the 3rd straight week…

Source: Bloomberg

Even accounting for the 504k barrel addition to the SPR, total US commercial crude stocks saw their second biggest weekly decline in 15 months…

Source: Bloomberg

US crude production remains near record highs as the decline the rig count has finally stalled…

Source: Bloomberg

The recent gains haven’t been enough to push oil out of the $5 band it has been in for most of the past month-and-a-half, buffeted between geopolitical tensions and bearish fundamentals.

The accelerated return of OPEC+ supply has boosted predictions that a glut will form later in the year, while surging oil tanker earnings are offering a sign of higher output.

WTI has extended its gains from overnight weakness and is trading just in the green on the day…

Oil markets are focused on Ukrainian attacks on Russian energy infrastructure, as well as the wider risk of escalation following a drone incursion into Poland last week, said Emily Ashford, head of energy research at Standard Chartered Plc.

“We think a 25 basis-point Fed cut is priced in, but a 50 basis-point surprise would be further risk-on for markets,” Ashford said in reference to the imminent Fed decision.

Oil’s implied volatility was subdued after it fell to the lowest in more than three weeks on Monday, as outright prices remain firmly stuck within the narrow range seen since early August.

The Bank of Canada cuts rates by 25bp to 2.50%, as expected. This was the 8th consecutive rate cut since the easing cycle started one year ago, and took place after the bank paused following its last rate cut in March, 6 months ago.

Governor Tiff Macklem said that while “considerable uncertainty remains”, there was a “clear consensus” within the committee for the first rate cut since March, as slowing population gains and a weak labor market were a drag on consumption while the economy was weaker and there was “less upside risk to inflation.” The BoC head explained that the “Governing Council judged that a reduction in the policy rate was appropriate to better balance the risks going forward.” Additionally, he noted the upward pressure on CPI has diminished.

The BoC removed the language from the prior statement which said, “if a weakening economy puts further downward pressure on inflation and the upward price pressures from the trade disruptions are contained, there may be a need for a reduction in the policy interest rate”.

Some more highlights from the report: 

Trade

• Through the recent period of trade upheaval. Governing Council has been proceeding carefully, paying particular attention to the risks and uncertainties facing the Canadian economy.
• Tariffs are having a profound effect on several key sectors, including the auto, steel and aluminum industries. Chinese tariffs on canola, pork and seafood, new US tariffs on copper, and higher US tariffs on softwood lumber will spread the direct impacts further.
• After remaining resilient to sharply higher US tariffs and ongoing uncertainty, global economic growth is showing signs of slowing.

Economy

• The Bank will continue to assess the risks, look over a shorter horizon than usual, and be ready to respond to new information.
• There were some signs of resilience: consumption was stronger than expected in the second quarter and housing activity increased.
• Canada’s GDP declined by about VA% in Q2, as expected, with tariffs and trade uncertainty weighing heavily on economic activity.
• Exports fell by 27% in Q2, a sharp reversal from 01 when Cos. were rushing orders to get ahead of tariffs.
• Business investment also declined in Q2, while consumption and housing activity both grew at a healthy pace.
• In the months ahead, slow population growth and the weakness in the labour market will likely weigh on household spending.

Inflation:

• Preferred measures of core inflation have been around 3% in recent months, but on a monthly basis the upward momentum seen earlier this year has dissipated.

Ahead:

• Looking ahead, the disruptive effects of shifts in trade will continue to add costs even as they weigh on economic activity.
• Governing Council is proceeding carefully, with particular attention to the risks and uncertainties.
• GC will be assessing how exports evolve in the face of US tariffs and changing trade relationships.

In summary: the BoC cut rates by 25bps as expected, with Governor Macklem noting a “clear consensus” to ease policy. The accompanying statement stated that the reduction was appropriate given the weaker economy and fewer upside risks to inflation. Additionally, the board judged that a reduction in the policy rate was appropriate to better balance the risks. On the trade front, policymakers remain cautious over the risks stemming from US tariff actions. Moving forward. The Bank will continue to assess the risks, look over a shorter horizon than usual, and be ready to respond to new information.

In immediate kneejerk response, the USDCAD rose modestly from 1.3760 to a session high of 1.3770 before retracing some of the move with much of the decision in line with expectations. 

News of a new partnership in the robotaxi industry just hit the wires: Lyft and Waymo are joining forces to expand autonomous ride-hailing in Nashville starting in 2026. Lyft shares jumped in New York on the news. Waymo, a private subsidiary of Alphabet, will supply the autonomous vehicles to operate on Lyft’s Flexdrive fleet management platform, which will handle maintenance, charging, depot operations, and overall vehicle optimization.

At launch, rides will be available first through the Waymo app, with integration into Lyft’s app planned later this year. This new dynamic marketplace will enable Waymo vehicles to serve riders on both platforms, enhancing fleet utilization while supporting Lyft’s hybrid model, which combines human-driven vehicles and robotaxis. 

“Riders will have the opportunity to hail Waymo’s fully autonomous vehicles first on the Waymo app, with plans to also dispatch its fleet on Lyft’s network for matched rides later in 2026,” Lyft wrote in a press release. 

Lyft is expected to support the rollout by building out a dedicated AV fleet management facility in the Nashville metro area, ensuring high uptime and lower operating costs. 

Executives from both companies highlighted the partnership was a perfect fit, with Lyft CEO David Risher stating: 

“This partnership brings together best-in-class autonomous vehicles with best-in-class customer experience. Waymo has proven that its autonomous technology works at scale. When combined with Lyft’s customer-obsession and world-class fleet management capabilities, it’s two great tastes that go great together.”

Waymo co-CEO Tekedra Mawakana stated: 

“We’re delighted to partner with Lyft and launch in Nashville next year, as we continue to scale our Waymo ride-hailing service to more people in more places. Lyft’s extensive fleet management capabilities through Flexdrive make them an ideal partner for expanding to Nashville. We can’t wait to introduce Music City’s residents and visitors to the convenient, consistent, safe, and magical Waymo experience.”

Shares in New York were up over 20% at the start of the cash session, but have pulled back a little since…

…but still breaking out of a trading range that dates back to early 2022.

After months of compression, the Waymo news could be the catalyst for further upside.

Robotaxi wars in North America are underway. How will Tesla respond?

Related:

• Goldman Weighs In On Tesla Robotaxi Launch

• Robotaxis Enter Commercialization Phase In North America With Hyperscaling Next

According to Goldman…

Besides robotaxis, autonomous big rigs will be hitting the streets for commercialization momentarily – if they haven’t already.

• First Driverless Heavy Duty Trucking Service Launched On US Public Roads

. . .

Authored by Aldgra Fredly via The Epoch Times,

The United Kingdom and the United States struck a technology pact on Sept. 16 that would bring $42 billion in investments from U.S. tech giants into the UK’s AI infrastructure.

The deal was reached as President Donald Trump arrived in the UK for a two-day state visit, during which he is expected to meet King Charles and British Prime Minister Keir Starmer.

Under the “Tech Prosperity Deal,” the two nations agreed to cooperate in advancing AI, quantum computing, and nuclear technology, according to a statement issued by the UK government.

Major U.S. tech companies—Microsoft, Nvidia, Google, OpenAI, and CoreWeave—will invest in the UK’s AI infrastructure, including data centers and computer chips, as part of the agreement.

The deal is expected to generate more than 5,000 jobs in the northeast of England, which the UK government said will become a new AI growth zone.

The two countries will collaborate on research schemes to further the use of AI to allow for “targeted treatments and other shared priorities like fusion energy,” according to the statement.

This could lead to “life-changing breakthroughs like developing targeted treatments for those suffering with cancer or rare and chronic diseases,” the UK government said.

“This Tech Prosperity Deal marks a generational step change in our relationship with the U.S., shaping the futures of millions of people on both sides of the Atlantic, and delivering growth, security and opportunity up and down the country,” Starmer said.

The deal includes a $30 billion investment from Microsoft over four years, its largest commitment in the UK.

The company stated in a blog post that the funding will help develop the country’s “largest supercomputer,” which will be equipped with more than 23,000 advanced AI chips.

Under the U.S.–UK tech pact, Nvidia will partner with UK companies to deploy 120,000 advanced GPU chips across the country, marking its largest rollout in Europe to date, according to the statement.

“Today marks a historic chapter in U.S. – United Kingdom technology collaboration,” Nvidia founder and CEO Jensen Huang said.

OpenAI said it will team up with British company Nscale and Nvidia to launch a Stargate UK project to boost the UK’s sovereign computing capabilities, as part of the tech pact.

The UK and the United States signed a trade agreement in June on the sidelines of the G7 summit in Canada. The deal still left UK steel and aluminum subject to 25 percent tariffs, rates that the UK government is working to reduce.

Speaking to reporters before departing for the UK on Sept. 16, Trump indicated that he was willing to further negotiate trade with the UK government.

“They want to see if they can refine the trade deal a little bit. We made a deal, and it’s a great deal. And I’m into helping them,” the president told reporters.

It was Trump’s second state visit to the UK; his first was in 2019, during his first presidential term, when he was hosted by King Charles’s late mother, Queen Elizabeth II.

A fact sheet issued in May by the Office of U.S. Trade Representative noted that the UK had not fully addressed its Digital Services Tax (DST), which Washington has criticized as discriminatory toward U.S. tech companies. It is unclear whether Trump will touch on the issue during his visit.

The two governments signed a nuclear energy deal just a day before Trump arrived in Britain, which the UK said would “turbocharge the build-out of new nuclear power stations” in both countries.

Authored by J.B. Shurk via American Thinker,

Earlier this month a British academic named Michael Rainsborough wrote an insightful essay on the United Kingdom’s descent towards civil war.  Once the head of the Department of War Studies at King’s College London, Rainsborough was dismissed from his post for committing a series of “thought crimes.”  His final offense came in the form of a co-authored essay entitled, “The British Road to Dirty War,” in which he and former colleague David Betz diagramed “the hollowing out of British democratic institutions” and the dangerous rule of a permanent governing class filled with authoritarian elites.

Now working in Australia, Rainsborough returns to the subject with additional wisdom that only time and distance can provide.  His verdict is as incisive as it is sobering: Britain’s institutions are irreparably damaged.  The country is headed for long-term Balkanization.  

A “dirty war” similar to those that gripped Latin America fifty years ago may usher in an era of assassinations, hostage-taking, disappearances, industrial sabotage, censorship, and general repression.  Although he acknowledges that the question of how bad things will become in Britain is still very much an open one, he doesn’t envision any set of circumstances that can entirely avert the misery to come.

Rainsborough describes a series of intentional acts engineered by governing elites to diminish democratic accountability and maintain permanent control.  

Rather than recognizing the democratic will of the people following the Brexit referendum in 2016, the ruling class responded with a “deranged mixture of denial and contempt for the electorate.”  

Even before the Brexit vote, however, leftist-globalists were engaging in a great “demographic transformation” intended “to rub the Right’s nose in diversity.”  

Today the whole British government “operates from a post-nationalist outlook, one that treats the very idea of nationhood as negotiable, even alien, to the political class.”

Making matters worse, the British Establishment has gone all-in on globalism by “outsourcing” its “sovereignty to supranational bodies” that “dilute and often override domestic consent.”  Consequently, institutional elites are driving Britain towards “self-destruction” by “clinging to an incontinent immigration system and an almost devotional attachment to international and human rights laws that disadvantage its own citizens.”

Rainsborough accuses British authorities of repurposing old tools for imperial governance into “divide and rule” instruments for manipulating domestic society.  “The aim” is “to rule by division: to fracture society into communities, reward loyal in-groups and discriminate against the majority through a two-tier system of justice, policing and social policy.”  He calls the agents of this purposeful division the “new imperialists.”

The “new imperialists” have self-important titles — “diversity coordinators, anti-racism activists, curriculum decolonisers, climate campaigners” — but their mission is identical to the agents that once helped Britain’s East India Company conquer much of the globe: to “manage society by division.”  After categorizing everyone by race, caste, and creed, today’s “woke” imperialists “elevate” favored minorities and “relegate” the majority to “second-class status.”  Just as their predecessors felt morally superior to the natives when conquering India, today’s leftist-globalists are “buoyed by moral certainty and a conviction of their right to rule.”

The natural result of this manufactured division is today’s national flag protests across the United Kingdom.  While government authorities enthusiastically support the waving of Ukrainian, Islamic, and “gay pride” flags, they are extremely angry with British citizens who proudly fly England’s Cross of St. George.  “The majority population, already disregarded on questions such as immigration, is told that its own symbols of belonging must be hidden, while the emblems of others are to be privileged and extolled.”  In effect, Britain’s elite ruling class has denied the British “people’s right to recognise themselves.

What is particularly remarkable about Rainsborough’s analysis is its applicability to other nations throughout the West.  An American, Canadian, Australian, German, or Dutch citizen reading his point-by-point rationale for why the United Kingdom is heading for civil war would logically conclude that civil war is also coming closer to home.  Is there any public policy that the British Establishment has implemented to “divide and rule” over citizens that the Establishments of other Western nations haven’t also implemented?  Support for mass illegal immigration, the demonization of patriotism as “fascism,” the criminalization of so-called “hate speech,” widespread censorship, and the systematic persecution of individuals and groups expressing dissent to the government’s official “narratives” — these hallmarks of encroaching totalitarianism flourish across the West.

Parts of France are in flames right now.  After Emmanuel Macron’s government collapsed last week, riots erupted nationwide.  Fed up with the direction of their country under Macron’s rule, French citizens across the political spectrum have temporarily coalesced into a “Block Everything” movement that has shut down major highways and turned the night sky into a medieval mixture of glowing embers and smoke.  It has been reported that the ineffective French president is so desperate to quell the growing revolt that he is considering shutting down social media platforms.

Macron might resist the despotic urge to suspend public communication after witnessing events unfold in Nepal.  The South Asian republic is also in flames right now after more than a week of total chaos.  After large public protests over government corruption could not be controlled, the Nepalese Establishment made the fateful decision to block all social media platforms.  Angry citizens promptly responded by burning down parliament, dragging politicians out of their homes, and beating officials to death.  The government attempted to reverse course and permit social media access, but protesters continue to target anyone who might be considered an “elite.”

French President Macron is acutely aware that the carnage in Nepal could soon find its way to France if he chooses to shut down social media sites.  Leftist-globalists already crossed a similar line in Canada when the government of former prime minister Justin Trudeau seized the bank accounts of “Freedom Convoy” protesters fighting back against COVID edicts and “vaccine” mandates.  Trudeau’s actions demonstrated how willing Western governments are to punish dissent by seizing private property.  Should Macron follow Canada and Nepal’s reckless examples by confiscating bank accounts and stifling public communication, French citizens will no doubt respond with even more intensity.

Perhaps that is why one of the U.K.’s top law enforcement officers, Sir Andy Cooke, is desperately trying to end the criminalization of “offensive” social media speech.  Arguing that British authorities need to “allow people to speak openly without the fear their opinion will put them on the wrong side of the law,” Cooke wants cops to stop acting as free speech “monitors.”  After years of throwing British citizens in jail for expressing opinions, this kind of public policy U-turn suggests that government authorities now regret energizing a free speech movement sweeping across the U.K.

In reaction to the assassination of Charlie Kirk in the United States, Prime Minister Keir Starmer wrote, “We must all be free to debate openly and freely without fear — there can be no justification for political violence.”  

After years of imprisoning people for their speech and regularly censoring social media accounts, Starmer’s hypocrisy set off a chain reaction of national anger in the U.K.  

On Saturday, over a million citizens took to the streets of London in support of free speech.  One Brit declared, “They just made a million Charlie Kirks.”

Could France, Britain, or the United States suffer Nepal’s fate?  Maybe.  The “new imperialists” are dangerously arrogant.  

As Rainsborough writes, “They imagine themselves clever enough — and the public credulous enough — that such policies can be pursued without provoking resistance.  But arrogance is no substitute for foresight.  Once matters tip into open conflict, escalation takes on its own momentum.  Anger is already stirring — and anger, once roused, is the fuse of history.”

If you look around the West, it is impossible to deny that the “fuse of history” is already lit.