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 […]

Notes From The Desk: 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 part-time jobs lost. The unemployment rate held steady at 6.5% (6.6% expected), aided by […]

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 […]