Notes from the Desk

Nov 8, 2024

The Americans had one unanimous vote this week, with all members of the Federal Reserve Committee agreeing to deliver a 25 bps cut, reducing the target range for the Fed Funds Rate to 4.5-4.75%...

Oct 28, 2024

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 to the 2%...

Oct 28, 2024

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) The main driver...

Oct 4, 2024

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 to 4.1%...

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...