US Nonfarm Payrolls – The Fed’s Out for Summer

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...

Wait For It…

It came as no surprise that the Fed held rates steady for a third consecutive meeting. The statement. The FOMC notes that ‘the risks of higher unemployment and higher inflation have risen’. The decision to hold rates was unanimous. The presser. Chairman Powell ducked...

Slow or Slower

The Bank of Canada opted to hold rates steady to assess the fallout from the trade conflict with the US. Furthermore, the Bank offered little forward rate guidance, opting to maintain maximum flexibility in an uncertain environment. The Bank provided some insights...

Knock, Knock. Who’s there? Tariffs. Just Kidding.

Despite bold claims from the US administration that Americans should ignore the decline in equities and spike in yields, it is evident that they faced a great deal of pressure to walk back the tariffs. This afternoon, President Trump announced a 90-day Reciprocal...

FOMC Meeting – Much Ado About Nothing

As expected, the Federal Reserve (Fed) held rates steady. In light of the uncertainty created by the US administration, the Fed reiterated that they remain ‘data dependent’. The numbers. The dot plot was unchanged from December, with two cuts forecast in 2025 and 2026...

The BoC Rate Cute – Certainly Uncertain

Amid ‘pervasive uncertainty’, the Bank of Canada (BoC) cut the overnight rate 25 bps to 2.75%, taking us to the midpoint of their estimated range for the neutral rate (2.25% – 3.25%). The Decision.  Recent economic data (i.e., Q4 GDP 2.6%) would have suggested a...