Notes From The Desk: FOMC – The Results Are In   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%.   As this was widely expected, the market focused on […]

Notes From The Desk: 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 to the 2% target range, the BoC’s rationale […]

Notes From The Desk – 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) The main driver of the decline in […]

Notes From the Desk – 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 to 4.1% (4.2% expected). YoY wage growth of 4% (3.9% expected). Previous […]

Notes From The Desk – 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 bits:   With one dissenter and 9 […]