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☕️ GM Munchers! Made it through Dancing With The Stars alive and figured the worst was behind me. Then came Love Is Blind last night. My portfolio and my evenings are both testing my patience lately.

On today’s menu:

• 🏛️ The Fed Held, But December Is Now A Lock

• 🍁 Canada Just Hiked Rates For The First Time In Years

• 🐔 Wingstop, Oracle & Healthcare

• 🍔 Someone Wants To Take Wendy’s Private

• 💻️ Apple Just Unveiled A Brand New Product

Yesterday’s numbers:

BREAKING NEWS

🏛️ The Fed Held, But December Is Now A Lock

The Federal Reserve did exactly what everyone expected yesterday. It held interest rates steady in the 3.75% to 4.00% range, choosing to pause rather than hike. But do not mistake this calm for the end of the story. The market is now pricing in an 86% chance the Fed raises rates at its next meeting in December, so this pause is just the quiet before another move. The decision itself was boring. What it signals for your wallet is anything but.

Here is the first big tell. The vote was not unanimous. Two Fed officials actually dissented, wanting to raise rates right now instead of waiting. When members of the Fed start breaking ranks and pushing for hikes, it is a loud signal that the fight against inflation is heating up, not cooling down. Fed Chair Kevin Warsh admitted as much, saying inflation remains elevated and that while the “monetary medicine is starting to work,” there are no firm conclusions yet.

So what did we actually learn? The Fed is in “wait and see” mode, watching the data before its next step.

• 📈 Inflation is still the enemy. Warsh made clear the job is not done, and with two officials already voting to hike, the pressure to act in December is mounting fast.

• 🏠 Your costs stay high. A pause is not relief. Mortgage rates and credit card rates remain painfully elevated, and with a December hike looking likely, do not expect cheaper borrowing anytime soon.

• 🗳️ Politics stayed out of it. With midterm elections just days away, Warsh insisted politics played no role in the decision, pushing back hard on any suggestion the Fed is playing favorites.

The Munch Take: As we expected, this was a non-event. Everything now comes down to December. The volatility between now and then will depend entirely on what the market does, and that could move the current 86% chance in either direction. If those odds drop, expect a nice relief rally for stocks. If they tick higher, stocks could take a slight hit. But here is the honest truth: if you are a smart investor, none of this should be moving your decisions. Short-term rate guessing is a losing game, and trading around it is how people get chopped up. The one place this genuinely stings is the housing market, which stays frozen and continues to struggle under the weight of these rates. For everyone else, tune out the noise and keep your eyes on quality.

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STORY OF THE DAY

🍁 Canada Just Hiked Rates For The First Time In Years

Big move north of the border. The Bank of Canada raised its key interest rate by 25 basis points to 2.5%, and this is no ordinary hike. It is Canada’s first rate increase since July 2023, meaning the central bank sat on its hands for more than three years before finally pulling the trigger. The culprit is the same one haunting the US: stubborn inflation, fueled largely by high oil prices from the ongoing conflicts overseas. Canada’s central bank decided it finally had to act.

Here is the fascinating part, and something we have been watching closely. For a while now, Canada and the US have been moving in opposite directions. The US Federal Reserve has been hiking aggressively, while the Bank of Canada was holding steady and even cutting. That disconnect is now closing, with both countries facing the same inflation pressure. And right on cue, the Canadian dollar strengthened on the news, meaning the USD to CAD exchange rate dropped. Higher rates make a currency more attractive, so the loonie got a nice little boost.

Now, the real pain here is in the Canadian housing market, which has been a slow-motion disaster. After the pandemic buying frenzy sent prices to the moon, the market cracked hard, with home prices in major cities falling significantly from their 2022 peaks. Anyone who bought at the top in 2021 or 2022, especially with a variable-rate mortgage, is sitting in a serious hole, watching their home value drop while their payments climb.

• 🔁 The hike may not be the last. Several economists expect another 25-basis-point increase in early 2027, which would push the rate to 2.75%. So this could be the start of a cycle, not a one-off.

• 💳 Variable mortgages feel it instantly. Unlike fixed loans, variable-rate mortgages and lines of credit reprice almost immediately, so many Canadian households will see higher payments within weeks, not years.

• ⚖️ The vote was not just about inflation. The Bank framed this partly as an “insurance policy” against US tariffs and energy costs feeding into prices, a preventative move rather than a reaction to runaway inflation.

The Munch Take: This hike is a quiet admission that Canada could not escape the global inflation problem forever, no matter how long it waited. The timing stings most for recent homebuyers, because anyone who stretched to buy in 2021 or 2022 is now the textbook example of why chasing a hot market at the top is so dangerous. They paid peak prices, watched values fall, and now face rising payments on top of it. That is the brutal math of buying into euphoria. For the rest of us, the lesson is familiar and worth repeating: when everyone is piling into an asset because “it only goes up,” that is usually the most dangerous moment to join. Canada’s housing hangover is a real-world reminder that patience and a margin of safety beat chasing a frenzy every single time.

MARKET OVERVIEW

🍟 Tasty Movers & Shakers

‼️ WARNING: Ignoring This Could Cost You Everything (via StocksToTrade)

🍗 $WING Wingstop rose 12.18% after earnings topped expectations, even as revenue came up a touch short.

☁️ $ORCL Oracle surged over 12% after projecting its free cash flow will hit $30 billion by 2029. Wall Street had braced for that number to still be negative, so this was a jaw-dropper.

🔋 $ENPH Enphase Energy cratered 16.03% after missing expectations and cutting its outlook on weak demand for home solar.

🚗 $STLA Stellantis jumped 13.04% on higher revenue and operating profit, even while burning through $4.5 billion in cash. The market looked past the cash drain and focused on the improving business.

💾 $HXSCL SK Hynix soared 13.30% after its quarterly operating profit exploded 632% from a year ago. The AI memory boom keeps minting money for the chip makers feeding it.

🏥 $GEHC GE HealthCare climbed 6.62% after beating expectations and raising its annual revenue growth forecast. A steady beat-and-raise is exactly the kind of quiet quarter investors love to see.

STOCK OF THE DAY

🍔 Someone Wants To Take Wendy’s Private

We just feel like there’s something wrong about square burgers, but clearly the market thinks otherwise. Wendy’s stock surged 15% yesterday after billionaire investor Nelson Peltz and his firm, Trian Fund Management, offered to buy the entire burger chain and take it private. The all-cash bid values Wendy’s at about $1.4 billion, working out to $7.35 per share, a roughly 20% premium over where the stock closed the day before. For a brand that has been struggling badly, this was a rare jolt of good news.

Here’s what’s actually happening. Peltz is not some random suitor. His firm already owns about 16% of Wendy’s, making it the largest shareholder, so he knows this business inside and out. He has teamed up with a few partners, including one of Wendy’s biggest franchise operators, to pull off the deal. The pitch is simple: Wendy’s needs a long, painful turnaround, and that is brutally hard to do as a public company with Wall Street breathing down your neck every three months. Going private gives them room to fix things quietly, without the pressure of constant quarterly scrutiny.

And make no mistake, Wendy’s needs fixing. The stock has been absolutely destroyed, down about 68% over the past five years. The chain has posted falling sales for six straight quarters and has been closing hundreds of restaurants. It is a brand stuck in a tough middle ground, not cheap enough to win the budget crowd and not special enough to pull people in for a treat.

• 💰 Insiders are backing it. Trian rolling over its existing 16% stake rather than cashing out signals real belief in a turnaround, not just a quick flip.

• ⏳ It is not done yet. The offer is non-binding and a special board committee still has to review it, so this is a proposal, not a finished deal.

• 🍟 The timing is telling. Peltz actually explored buying Wendy’s back in 2022 and walked away, so his return now suggests he thinks the price has finally fallen far enough.

The Munch Take: When was the last time you heard someone say, “Hey, let’s go grab a bite at Wendy’s?” We genuinely can’t remember, and that is the whole problem in a single sentence. The brand has quietly faded from the culture, stuck in a no man’s land where it is neither the value king nor the crave-worthy treat. That is exactly why a smart activist investor like Peltz smells opportunity. He is betting that behind the beaten-down stock sits a real brand with real real estate and loyal franchisees, one that just needs years of patient work away from the public spotlight. We respect the logic, and a 68% wipeout does eventually make even a struggling business interesting to someone. Whether square burgers can actually make a comeback is a different question entirely. For now, the market is cheering, but turning around a fading fast-food icon is one of the hardest jobs in business.

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Pre-Market Fuel

1. 🤑 This CEO’s Next Words Could Change Everything (Ad)

2. 📉 Google missed earnings and the stock crashed.

3. 💻️ Apple just unveiled a brand new product.

4. 🇰🇷 South Korea’s stock market was halted?

🍪 Munchy Memes

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