Notes from the Desk – US Payrolls – Holy Crap! By the numbers. Today’s US payrolls blew the doors off. The economy produced 517k jobs last month, more than double the 185k forecast. The unemployment rate fell to 3.4% vs. forecasts of a small rise to 3.6%. Although YoY wage growth of 4.4% was only […]
Notes from the Desk – Bank of Canada: This is the End. To quote the Doors, ‘this is the end, beautiful friend…the end.’ At least for now. After delivering a 25 bps hike and bringing the overnight rate to 4.5%, the Bank of Canada (BoC) expects to hold here as it assesses the impact higher rates […]
Notes from the Desk: US Inflation – A Sigh of Relief US CPI was bang on the consensus forecast: YoY Headline Inflation: 6.5% (previous 7.1%) YoY Core Inflation: 5.7% (previous 6%) Goods prices continue to fall while upward pressure is prevalent in the service sector. Implications. While the Fed will be happy to see […]
Notes from the Desk – CAD CPI – Still High But Heading in the Right Direction. By the numbers. November CPI came in at 6.8%, lower than last month’s 6.9% print, but higher than the 6.7% forecast. Lower gasoline and furniture costs were offset by higher shelter and food costs. The BoC’s CPI-median at 5% […]
Notes from the Desk – Federal Reserve – Reading the Tea Leaves What they did. As expected, the Federal Reserve (Fed) raised rates 50bps, bringing the band for the Funds rate to 4.25%-4.5% What they said. Surprisingly, the Fed did not put much weight on the recent improvement in CPI as they […]