Aug 1, 2025 | Notes from the Desk
Today’s report calls into question Chairman Powell’s view that the labour market is in balance. The Numbers. 73k jobs created vs 104k expected The previous two months’ payrolls were revised lower by 258k vs an expected 16k increase This brings the...Jul 31, 2025 | Notes from the Desk
As expected, the BoC held rates steady at 2.75%. Today’s decision was accompanied by an updated Monetary Policy Report (MPR), in which the Bank provided economic forecasts based on three trade scenarios: current tariffs, de-escalation, and escalation. The noteables....Jul 31, 2025 | Notes from the Desk
Chairman Powell clearly prefers to be remembered as ‘Too Late Powell’ rather than as ‘Push Over Powell’, as the FOMC held the policy rate steady at 4.25-4.50%. The meeting marked the first time since December 1993 that two committee members dissented from the vote....Jul 24, 2025 | Monthly Commentaries
‘If you want a guarantee, buy a toaster.’ Clint Eastwood Last month, we noted that while the future is always unpredictable, Trump’s erratic policies and policy shifts have increased the level of uncertainty. The President encapsulated the situation a day before...Jul 4, 2025 | Notes from the Desk
It appears that the Fed can take the summer off, with job creation in June exceeding expectations. The numbers. 147k jobs were created, beating expectations of 106k. The prior two months were revised up by 16k. The mix was a touch weak, with state and local government...
