Nov 8, 2024 | Notes from the Desk
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%...Nov 8, 2024 | Notes from the Desk
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 the...Oct 28, 2024 | Notes from the Desk
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 for a 50 bps cut was to...Oct 28, 2024 | Notes from the Desk
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 headline inflation was a YoY drop of...Oct 4, 2024 | Notes from the Desk
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)....Sep 19, 2024 | Notes from the Desk
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 out of 19 members seeing a total...
