Market Insights
Monthly Commentaries
The Holiday Spirit
‘We make a living by what we get, but we make a life by what we give.’
Winston Churchill
Notes from the Desk
FOMC Rate Announcement: 25 bps and a Wink.
As expected, the FOMC cut rates 25 bps to 3.5-3.75%, with three dissenters, two in favour of a hold, and Miran once again preferring a 50 bps cut. The important bits. The Fed’s projections showed a...
Bank of Canada Rate Announcement: Traders Gonna Trade
As expected, the Bank of Canada (BoC) held rates steady this morning. Based on the accompanying statement and press conference, we interpreted it as a dovish hold. The important bits. The Bank is...
Bank of Canada Rate Decision – Passing the Baton
This morning, the BoC cut the policy rate by 25 bps, bringing it to 2.25%. The vital development was the Bank signalling that this might be it for rate cuts, at least in the near term. The...
The Bank of Canada Rate Decision – Mack(lem) the Knife Cuts Again.
For the first time since March, there was a clear consensus at the BoC to cut the policy rate by 25 bps to 2.5%. The important bits. The decision to cut was based on the balance of risks shifting...
US & CAD Employment – The Case for Cuts
Today’s employment data confirms that businesses in the US and Canada are reluctant to add headcount. Both reports came in below expectations, making the case for the BoC and Fed to cut this month....
CAD July CPI – Clearing Another Hurdle
The Bank of Canada (BoC) is walking a fine line between inflation and growth concerns. Today’s CPI data ought to make them a touch more comfortable that inflation is not accelerating. The Numbers....