Notes from the Desk

Mar 6, 2024

Notes from the Desk – Bank of Canada Meeting – Much Ado About Nothing The Bank of Canada (BoC) held rates steady at 5% this morning. Although Governor Macklem reiterated that he believes rates are...

Feb 20, 2024

Notes From the Desk: CAD CPI – A Pleasant Surprise After months of speculation and anticipation regarding the impact of higher rates on inflation, the Bank of Canada (BoC) received positive news...

Feb 13, 2024

Notes From The Desk: US Inflation Heads Into Overtime US inflation slowed less ‘swiftly’ than expected in January, challenging the market’s expectations for rate cuts to be ‘ushered’ in this...

Feb 2, 2024

Notes From the Desk – US Payrolls – Wow! Today’s US Non-farm Payroll report was unambiguously strong, reducing concerns that the US economy is on the precipice of a major slowdown. With the data...

Jan 31, 2024

Notes from the Desk – FOMC Meeting – Dialing It Back As expected the Federal Reserve (Fed) held rates steady and opted to continue quantitative tightening as scheduled. The good news. The Fed...

Jan 24, 2024

Notes From the Desk: BoC Day – Dropping Some Hints. As expected, the Bank of Canada (BoC) held its target overnight rate at 5% and continued the process of quantitative tightening. But as is often...

Jan 23, 2024

Notes From the Desk – Canadian Inflation – A Fly In The Ointment While the headline inflation number for December met expectations, the acceleration in the core measures should raise concerns at...

Jan 5, 2024

Notes From the Desk – North American Employment Data The shine is coming off the bond market as employment remains more resilient than expected. By the Numbers. US 216k jobs created vs 176k...

Dec 13, 2023

Notes From the Desk – FOMC Meeting – Release the Hounds As expected, the FOMC kept the policy rate unchanged at 5.25-5.5%. The far more interesting items were buried in their press release and...

Dec 8, 2023

Notes From the Desk – US Payrolls – A Dent In The Narrative Over the last several weeks, we have seen bond yields plummeting lower on expectations that the Federal Reserve (Fed) would start...

Dec 6, 2023

Notes From the Desk – Bank of Canada Rate Announcement – A Tentative Step Closer To no one’s surprise, the Bank of Canada held the policy rate steady at 5%, while continuing the process of...

Nov 14, 2023

Notes from the Desk – US CPI – Encouraging News The US October CPI report saw both headline and core inflation softer than expected. By the numbers. YoY CPI 3.2% (3.3% expected) YoY Core inflation...