Nov 12, 2024 | Monthly Commentaries
“I used to think if there was reincarnation, I wanted to come back as the President or the pope or a .400 baseball hitter. But now I want to come back as the bond market. You can intimidate everybody.” James Carville The result was expected to be close, delayed, and...Nov 8, 2024 | Notes from the Desk
Domestic employment growth was humdrum in October. The numbers. 14.7k jobs created (27k expected) The mix was slightly favourable, with 25.6k full-time positions generated versus 11.2k part-time jobs lost. The unemployment rate held steady at 6.5% (6.6%...Nov 8, 2024 | Notes from the Desk
The Americans had one unanimous vote this week, with all members of the Federal Reserve Committee agreeing to deliver a 25 bps cut, reducing the target range for the Fed Funds Rate to 4.5-4.75%. As this was widely expected, the market focused on the...Oct 28, 2024 | Notes from the Desk
This morning, the Bank of Canada (BoC) reduced the overnight rate by 50 bps to 3.75%. Since June, the BoC has lowered the policy rate by 1.25%. The takeaways: With inflation falling to the 2% target range, the BoC’s rationale for a 50 bps cut was to...Oct 28, 2024 | Notes from the Desk
Today’s CPI is the last major data point before next week’s Bank of Canada decision, and it certainly means they will cut the policy rate. The numbers: YoY CPI 1.6% (1.8% expected) The main driver of the decline in headline inflation was a YoY drop of...
