Jul 9, 2026 | Monthly Commentaries
“If I have made myself too clear, you must have misunderstood me.” Alan Greenspan There’s a new sheriff at the Fed, and changes are afoot. Albeit not the changes President Trump envisioned from his pick for the seat. In his first meeting as Fed Chair, Warsh struck a...Jul 2, 2026 | Notes from the Desk
Job creation was weak in June, although the unemployment rate managed to improve. The numbers. 57k jobs created (115k expected) May revised down to 129k, a hefty cut from the initial 172k print Unemployment rate: 4.2% (down from 4.3%) Average hourly earnings growth:...Jun 17, 2026 | Notes from the Desk
Kevin Warsh’s first meeting as Fed Chair was less of a rate decision and more of a philosophical manifesto. The policy rate was left unchanged, but the institution itself is being rebuilt from the studs. The changes. Warsh came in swinging. The Chairman emphatically...Jun 10, 2026 | Notes from the Desk
The BoC held its overnight rate at 2.25%, as expected, but the subtext was more interesting than the decision. Looking through. May’s employment report was strong, but the BoC looked straight past it. Employment is flat on the year, and unemployment is range-bound at...Jun 9, 2026 | Monthly Commentaries
“Wall Street indexes predicted nine out of the last five recessions.” Paul Samuelson Canadian Q1 GDP posted another decline, dropping 0.1%, making it two consecutive quarters on the wrong side of zero. Cue the headlines featuring the dreaded ‘R-word’, as the...
