Notes From The Desk: The Fed Announcement – Give & Take.   As expected, the Federal Reserve (Fed) left rates unchanged, but they did adjust their projections on the timing of cuts, pushing them further into the future. The dot-plot thickens.   2024: Shifted from 3 cuts to 1 cut. 2025 & 2026: From 3 […]

Notes From the Desk: North American Jobs Data – A Ball of Confusion Divergence remains the theme for the Canadian and US economies.  The labour market remains strong south of the border but continues to soften in the great white north.   By the numbers:   Canada.   26.7k jobs created (22.5k expected), however, the […]

Notes From the Desk: Bank of Canada Rate Announcement – Let’s Enjoy The Moment   The Bank of Canada (BoC) became the first G7 central bank to cut rates this morning, lowering the overnight rate from 5% to 4.75%.   Reading the tea leaves: The accompanying statement and press conference were decisively more ‘dovish’ than […]

Notes From The Desk: CAD Inflation – The Trend is Your Friend (May-21-2024)   Canadian inflation declined for the fourth month in a row, with all measures now below 3%.   By the numbers:   Headline CPI fell from 2.9% last month to 2.7% (2.7% expected). CPI Trim fell from 3.2% to 2.9% (2.9% expected). […]

Notes From the Desk:  US Inflation – Holy Relief Trade Batman (May 15 2024)   After three months of surprises to the upside, April’s US inflation data was in line (to a touch softer) with the consensus expectations.   By the numbers: MoM Headline CPI 0.3% (0.4% expected). MoM Core CPI 0.3% (0.4% expected). YoY […]