Notes from the Desk

Sep 19, 2024

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 bits...

Sep 6, 2024

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). Unemployment rate: 4.2% (4.3%...

Sep 5, 2024

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 inflationary...

Aug 20, 2024

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% expected), the lowest...

Aug 9, 2024

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 creating an expected...

Aug 1, 2024

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 ‘live’...

Jul 24, 2024

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...

Jul 16, 2024

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 was a...

Jul 15, 2024

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 begin...

Jul 5, 2024

Notes From the Desk: Today’s Employment Data – Bolstering the Case for Lower Rates June’s employment data has bolstered the case for lower rates. By the numbers: US June employment 206k (190k...

Jun 25, 2024

Notes From the Desk – CAD May CPI – A Thorn in the Side Canadian May CPI was well above expectations, halting the trend of falling prices. By the numbers: YoY headline CPI – 2.9% (2.6% expected)...

Jun 12, 2024

Notes From The Desk: The Fed Announcement – Give & Take. As expected, the Federal Reserve (Fed) left rates unchanged, but they did adjust their projections on the timing of cuts, pushing them...