Jan 26, 2022 | Notes from the Desk
A quick note from our trading desk on today’s Bank of Canada meeting and press conference. · The BoC has officially ended QE and moved into the reinvestment phase, where they will simply reinvest maturing bonds. They expect to be in this reinvestment phase until...Jan 26, 2022 | Notes from the Desk
Federal Reserve Chairman Jay Powell has achieved an amazing outcome. His highly anticipated speech this morning was a masterpiece of optimism and calmness. · Tapering is expected later this year, with the exact timing dependent on the impact of delta. No panic in...Jan 26, 2022 | Notes from the Desk
The Federal Reserve really knows how to thread the needle, having dropped hints about tapering without freaking-out the markets. The As Expecteds. · No change to the overnight rate · Still hold that the recent bout of high inflation is transitory · Quantitative easing...Jan 26, 2022 | Notes from the Desk
Despite well telegraphed signals, the Bank of Canada (BoC) managed to surprise markets with their announcement today. The As Expecteds. No change to the overnight rate The BoC announced a taper in their bond buying from $4bn to $3bn a week. No specific details on how...Jun 17, 2021 | Notes from the Desk
Yesterday’s meeting and announcement was far more interesting than excepted. There were very subtle hints that the Fed is changing its view on the timing of hikes. First the obvious: View has shifted to two hikes in 2023 from no hikes at the previous meeting Nearly a...Mar 18, 2021 | Notes from the Desk
Executive Summary of Today’s FOMC Announcement The Announcement As expected, no change to the overnight rate or Quantitative Easing Programs The Fed continues to project their next rate hike for 2023 The central bankers specifically remind the market that they...
