Notes From The Desk
Employment Data – The Plot Thickens
Today’s employment data confirms that economic conditions between Canada and the US continue to diverge. The numbers. US 227k jobs created (220k expected). Unemployment rate: 4.2% (4.1% expected)....
Canadian GDP – Sl’oh Canada
This morning, all eyes were on GDP to hint at what the Bank of Canada (BoC) will do at their December 11th meeting. The numbers. Q3 GDP: 1.0% (vs. 1.1% expected). September MoM GDP: 0.1% (vs. 0.3%)....
CAD October CPI – Neither Here Nor There
Inflation rose slightly in October, with headline CPI at 2%. But this probably does very little to influence the Bank of Canada’s (BoC) decision in December. The numbers. YoY CPI: 2% (1.9%...
Canadian Employment Data – Nothing To See Here
Domestic employment growth was humdrum in October. The numbers. 14.7k jobs created (27k expected) The mix was slightly favourable, with 25.6k full-time positions generated versus 11.2k...
FOMC – The Results Are Inc
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%....
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%...