Notes From The Desk
The BoC Rate Announcement – The Big Ease-y
This morning, the Bank of Canada (BoC) reduced the overnight rate by 50 bps to 3.75%. Since June, the BoC has lowered the policy rate by 1.25%. The takeaways: With inflation falling...
CAD September CPI – A No-Brainer Next Week
Today’s CPI is the last major data point before next week’s Bank of Canada decision, and it certainly means they will cut the policy rate. The numbers: YoY CPI 1.6% (1.8% expected)...
US September Employment – Strong Like Bull
The unambiguously strong September US jobs report dented the summer narrative of weakness in the labour market. The numbers: 254k jobs created (140k expected). Unemployment rate falls...
FOMC Rate Decision – A Hawkish 50
The FOMC kicked off the easing cycle with a 50 bps reduction in the ‘Fed Funds’ rate. Although several cuts are clearly coming, the FOMC did not express a sense of urgency. The interesting...
North American Employment Data – 50/50 on 50
Today’s payroll data confirms that job growth is slowing, opening the door for further central bank accommodation. The numbers: US 142k jobs created (165k expected)....
Bank of Canada (BoC) – Auto Pilot Engaged
Today’s announcement provided little excitement, as the BoC did the expected and lowered the overnight rate by 25 bps to 4.25% The interesting bits: The Bank pointed out that broad...
Notes From the Desk: CAD July CPI – And The Trend Goes On (2024-08-20)
Notes From the Desk: CAD July CPI – And The Trend Goes On. Canadian inflation continues to move towards the Bank of Canada’s 2% target. By The Numbers: YoY CPI 2.5% (2.5%...
Canadian July Employment Data – Meh!
Notes From the Desk – Canadian July Employment Data – Meh! Today’s employment data will do little to calm fears over the state of the labour market. The Numbers: Instead of...
FOMC Meeting – Laying The Groundwork
Notes From the Desk - FOMC Meeting - Laying The Groundwork As expected, the FOMC held both rates and the pace of balance sheet reduction steady but left little doubt that September is a...
The Bank of Canada Rate Announcement
Notes From the Desk: The Bank of Canada Rate Announcement The Bank of Canada (BoC) cut rates by 25 bps this morning to 4.5%. While this was expected, the BoC surprised the markets with a more dovish...
Canadian CPI – The Cut Is On
Notes From The Desk: Canadian CPI - The Cut Is On A sigh of relief could be heard this morning coming from the Bank of Canada. Today’s CPI numbers provided evidence that last month’s data...
US June CPI – Break Out the Punch Bowl
Notes From the Desk - US June CPI - Break Out the Punch Bowl Let’s get the party started! Today’s weaker-than-expected June CPI data should give the Federal Reserve (Fed) the confidence to...