Dec 10, 2025 | Notes from the Desk
As expected, the FOMC cut rates 25 bps to 3.5-3.75%, with three dissenters, two in favour of a hold, and Miran once again preferring a 50 bps cut. The important bits. The Fed’s projections showed a significant upgrade to the outlook from September, with 2026 GDP...Dec 10, 2025 | Notes from the Desk
As expected, the Bank of Canada (BoC) held rates steady this morning. Based on the accompanying statement and press conference, we interpreted it as a dovish hold. The important bits. The Bank is comfortable that rates are at the right level to support the economy as...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....
