Notes from the Desk – US  Inflation – The Last Mile is a Tough Slog.   US August CPI came in a touch warmer than expected largely due to higher gas prices. By the numbers.   YoY CPI 3.7% (3.6% expected) YoY core inflation 4.3% (4.3% expected) Core Services less housing was up 0.37% MoM […]

Notes From the Desk – CAD Employment – A Fly in the Ointment   Governor Macklem and his BoC entourage must be befuddled this morning. More Canadians than expected landed jobs in August with higher pay. By the numbers.   Net employment change 39.9k (20k expected).  It should be noted that self-employment rose 49.5k meaning […]

Notes From the Desk – Bank of Canada – A Hawkish Hold   The Bank of Canada (BoC) opted to hold the overnight rate steady at 5% while continuing the process of reducing its balance sheet (quantitative tightening). The Bank pointed to the softness in recent growth and labour markets as evidence of the lagged […]

Notes From the Desk – Time To Chill   Officials at the Bank of Canada (BoC) and Federal Reserve (Fed) will head into the long weekend with less concern that inflation is running away from them as today’s data points to a slowing North American economy.   By the numbers. CAD   2nd quarter GDP […]

Notes From The Desk – Jackson Hole   Fed Chair Jerome Powell mostly stayed on message but opined on recent data points. Notable Notes   Fed remains concerned about inflation reaccelerating, noting uncertainty around the durability of the recent low inflation readings Implications that the economy may not be cooling as much as they hoped […]