December Employment Data Summary Today’s Canadian and US employment data indicates that both countries were close to full employment before the Omicron Surge. USD · 199k jobs created versus the consensus expectation of 450k, unemployment rate dips to 3.9% versus expected 4.1% and wages blew past expectations of a 0.4% increase, coming in at 0.6% […]
In the land of the bald eagle, the hawks have begun to emerge. · With inflation showing little signs of slowing down, the Federal Reserve has sent a strong signal that they are taking the situation seriously. · The Fed has accelerated the pace of tapering, such that QE should end by mid-March 2022. · […]
Canadian Inflation Update Today’s CAD CPI data was a non-event in terms of monetary policy. · The headline number of 4.7% was bang on expectations. · In our opinion, the Bank of Canada remains on track to start hiking in April. · Bond yields are essentially unchanged, suggesting the market is comfortable pricing in 4 […]
Back to the Future: US Inflation from hot to red hot · US headline inflation came in at 6.8% and core at 4.9%. · While these numbers are multi-decade highs, they are in line with the consensus expectation. · This does increase the odds of the Fed speeding up their tapering and concluding QE in […]
Rogers Launching First Telco Hybrid Deal Rogers Communications is ‘making more possible’ by launching their first hybrid bond, a halfway house between debt and equity. This should help them maintain an investment-grade rating if the Shaw merger is completed. The Deal Structure · 60-year bond (callable in 5y) with a coupon of 5%. · Counts […]