Market Insights
Monthly Commentaries
It’s Inflation, Stupid
Sep 11, 2026
“It’s the economy, stupid.”James Carville (Bill Clinton’s 1992 Presidential Campaign)
Read More…See All CommentariesNotes from the Desk
US Payrolls – Giving Back
Jul 2, 2026
Job creation was weak in June, although the unemployment rate managed to improve. The numbers. 57k jobs created (115k expected) May revised down to 129k, a hefty cut from the initial 172k print...
Read MoreFOMC Announcement – There Is a Taskforce for That
Jun 17, 2026
Kevin Warsh’s first meeting as Fed Chair was less of a rate decision and more of a philosophical manifesto. The policy rate was left unchanged, but the institution itself is being rebuilt from the...
Read MoreBank of Canada Rate Decision – Looking Through the Looking-Glass
Jun 10, 2026
The BoC held its overnight rate at 2.25%, as expected, but the subtext was more interesting than the decision. Looking through. May’s employment report was strong, but the BoC looked straight past...
Read MoreNorth American Employment – Fool Me Twice
Jun 5, 2026
The labour (or labor) market on both sides of the border had something to say this morning, and neither said what the market expected. South of the border, payrolls more than doubled the...
Read MoreFOMC Announcement – Should I Stay or Should I Go Now?
Apr 29, 2026
The FOMC held the fed funds rate at 3.5-3.75%. The decision itself was never in doubt. What was remarkable was the four dissents, the most since October 1992. The other surprise was Powell...
Read MoreBank of Canada Rate Decision – Tiff be Nimble, Tiff be Quick
Apr 29, 2026
The Bank of Canada held its policy rate at 2.25% for the fifth consecutive meeting. The April Monetary Policy Report (MPR) is the first to incorporate the Middle East conflict alongside the...
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