Market Insights
Monthly Commentaries
Go Jays Go
‘Canada is a country whose main exports are hockey players and cold fronts.
Our main imports are baseball players and acid rain.’
Pierre Trudeau
Notes from the Desk
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....
US July Payrolls – That’s Gonna Leave a Mark
Today's report calls into question Chairman Powell's view that the labour market is in balance. The Numbers. 73k jobs created vs 104k expected The previous two months' payrolls were revised lower by...
Bank of Canada Rate Decision – A Dovish Hold
As expected, the BoC held rates steady at 2.75%. Today’s decision was accompanied by an updated Monetary Policy Report (MPR), in which the Bank provided economic forecasts based on three trade...
FOMC Meeting – Dissent Amongst The Ranks
Chairman Powell clearly prefers to be remembered as ‘Too Late Powell’ rather than as ‘Push Over Powell’, as the FOMC held the policy rate steady at 4.25-4.50%. The meeting marked the first time...