Notes From the Desk – Canadian July Employment Data – Meh!   Today’s employment data will do little to calm fears over the state of the labour market.   The Numbers:   Instead of creating an expected 20k jobs, the economy lost 2.8k positions. The mix was mixed: 61.6k full-time jobs created. 64.4k part-time jobs […]

Notes From the Desk – FOMC Meeting – Laying The Groundwork   As expected, the FOMC held both rates and the pace of balance sheet reduction steady but left little doubt that September is a ‘live’ meeting where the first rate cut could be delivered.   The Dovish Bits:   The Committee recognized the improvement […]

Notes From the Desk: The Bank of Canada Rate Announcement The Bank of Canada (BoC) cut rates by 25 bps this morning to 4.5%. While this was expected, the BoC surprised the markets with a more dovish outlook. The Banks Confidence. The Bank is becoming more confident that inflation is heading to 2%, as considerable […]

Notes From The Desk: Canadian CPI – The Cut Is On   A sigh of relief could be heard this morning coming from the Bank of Canada.  Today’s CPI numbers provided evidence that last month’s data was a blip on the radar and that the trend in inflation remains downward.   By the numbers:   […]

Notes From the Desk – US June CPI – Break Out the Punch Bowl   Let’s get the party started!  Today’s weaker-than-expected June CPI data should give the Federal Reserve (Fed) the confidence to begin cutting rates later this year.     By the numbers:   YoY Headline inflation 3% (3.1% expected) YoY Core inflation […]