Notes From the Desk: FOMC Meeting – Fog Advisory   As expected, the Fed cut rates by 25 bps, taking the Fed Funds rate to 4.25%-4.5%.  More interesting was the change in their projections, with a slower pace of cuts and a modestly higher endpoint. In his press conference, Jerome Powell’s economic forecast was for […]

Notes From The Desk: The BoC Rate Announcement – Go Big or Go Home   The Bank of Canada (BoC) delivered another 50 bps rate cut this morning, bringing the policy rate to 3.25%.   The rational.   Inflation is at the 2% target, allowing the Bank to focus on supporting growth. 2nd half GDP […]

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). YoY earnings growth: 4% (3.9% expected).   Canada   5k jobs created (25k […]

Notes From The Desk: 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%). October Advanced Estimate: 0.1%. GDP YoY: […]

Notes From the Desk:  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% expected) YoY CPI Median: 2.5% (2.3% expected) YoY […]