Notes from the Desk

Jun 16, 2022

Cry Havoc and Let Slip the Dogs of War. Chairman Powell and Co delivered a strong message that the war on inflation was not one the Fed would lose as they delivered a 75-bps rate hike today and...

Jun 6, 2022

A Bond Play on the Rogers/Shaw Acquisition. In March 2022, Rogers issued bonds with an interesting clause referred to as Special Mandatory Redemption. If the merger is not concluded by December...

May 13, 2022

Not On Autopilot – The Bank of Canada amidst the perfect storm. In yesterday’s speech (“the perfect storm”), Toni Gravelle, Deputy Governor of the Bank of Canada shared some insights into the...

May 12, 2022

US CPI |Hotter Than Hoped. Although US CPI decelerated in April, it remains far too high: Headline CPI rose 0.3% (0.2% expected) leaving the annual rate at 8.3% (8.1% expected) Core prices rose...

May 5, 2022

Notes From the Desk | The Fed’s Playbook Leaked Unlike the Supreme Court’s abortion ruling, which was leaked in secret, the Fed’s playbook was leaked by Chairman Powell himself. Today’s meeting...

Apr 20, 2022

Notes From the Desk|CAD CPI – Surprised But Not Surprised CAD CPI for March blew past expectations coming in at a hot 1.4% increase for March (1% expected) bringing the YoY change to 6.7% (6.1%...

Apr 12, 2022

Has Inflation Peaked? Lead by surging gasoline prices US CPI did not disappoint coming in at 8.5% YoY. Core CPI came in at 0.3% vs expectations of 0.5%, offering a glimmer of hope that March’s...

Apr 8, 2022

The March Canadian employment data was in line with the market expectations. 72.5K jobs created (93k full time jobs created, while the economy lost 20k of part time workers Unemployment rate drops...

Apr 1, 2022

US Payrolls – Keeping the Flames Alive Hiring in the US continued at a solid pace: 431k jobs added versus expectations for 490k Previous two payrolls revised higher by 95k job Unemployment rate...

Mar 11, 2022

COVID – Been There, Done That The Canadian economy continues to storm back from the pandemic. Today’s Labour Force numbers were jaw-dropping: 336.6K jobs created vs expectations of 127.5k...

Mar 10, 2022

The Expected – US CPI. Today’s US CPI came in as expected with headline inflation of 7.9% and core inflation of 6.4%. With the recent jump in commodity prices threatening to prolong the period of...

Mar 3, 2022

Bargains in High-Quality Credit? Yesterday, Scotiabank came to market with a $2.25 bn 5y Senior Bond. · The coupon was 2.95% · Credit spread of +132 bps The credit spread is more than double the...