Sep 13, 2023 | Monthly Commentaries
“How long is a piece of string?” Earlier this year, in a commentary littered with bad ‘star’ puns, we wrote about the concept of r*, or the neutral rate. This is the level for the overnight rate which neither stimulates nor restricts the economy and leads to stable...Sep 8, 2023 | Notes from the Desk
Notes From the Desk – CAD Employment – A Fly in the Ointment Governor Macklem and his BoC entourage must be befuddled this morning. More Canadians than expected landed jobs in August with higher pay. By the numbers. Net employment change...Sep 6, 2023 | Notes from the Desk
Notes From the Desk – Bank of Canada – A Hawkish Hold The Bank of Canada (BoC) opted to hold the overnight rate steady at 5% while continuing the process of reducing its balance sheet (quantitative tightening). The Bank pointed to the softness in recent...Sep 1, 2023 | Notes from the Desk
Notes From the Desk – Time To Chill Officials at the Bank of Canada (BoC) and Federal Reserve (Fed) will head into the long weekend with less concern that inflation is running away from them as today’s data points to a slowing North American economy. By...Aug 25, 2023 | Notes from the Desk
Notes From The Desk – Jackson Hole Fed Chair Jerome Powell mostly stayed on message but opined on recent data points. Notable Notes Fed remains concerned about inflation reaccelerating, noting uncertainty around the durability of the recent low inflation...
