Notes From the Desk – Bank of Canada – A Hawkish Hold   The Bank of Canada (BoC) opted to hold the overnight rate steady at 5% while continuing the process of reducing its balance sheet (quantitative tightening). The Bank pointed to the softness in recent growth and labour markets as evidence of the lagged […]

Notes From the Desk – Time To Chill   Officials at the Bank of Canada (BoC) and Federal Reserve (Fed) will head into the long weekend with less concern that inflation is running away from them as today’s data points to a slowing North American economy.   By the numbers. CAD   2nd quarter GDP […]

Notes From The Desk – Jackson Hole   Fed Chair Jerome Powell mostly stayed on message but opined on recent data points. Notable Notes   Fed remains concerned about inflation reaccelerating, noting uncertainty around the durability of the recent low inflation readings Implications that the economy may not be cooling as much as they hoped […]

Notes From the Desk – CAD CPI – An Unwelcome Surprise   The record-breaking heat in July (highest average global temperature ever recorded) spilled over into Canadian inflation, with CPI coming in hotter than expected. By the numbers.    YoY headline CPI: 3.3% (3% expected) YoY CPI trim: 3.6% (3.6% expected) YoY CPI median: 3.7% […]

Notes from the Desk:  Today’s Employment  Data – Searching for a One-Handed Economist   Anyone hoping today’s job numbers would offer clarity on rate hikes would require Harry Truman’s imaginary one-handed economist.  On the one hand, job creation was weaker than expected, but on the other hand, wage growth was stronger. The numbers. Canada. Loss […]