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 […]

Notes From the Desk: US Payrolls – Soothing Nerves   After a few months of strong data, today’s payroll numbers will offer central banks a touch of relief.   By the numbers:   The US added 175k jobs versus expectations of 240k. Unemployment rose one notch to 3.9% versus a consensus of 3.8%. Wage growth […]

Notes From the Desk – FOMC Meeting: Steady as She Goes   Today’s FOMC meeting was as expected.  The Federal Reserve (Fed) kept rates unchanged while announcing well-telegraphed changes to Quantitative Tightening (QT). The key points:   The Fed believes that it will take longer to reach the confidence that inflation will drop to 2%. […]

Notes From the Desk – Tracking Trends: CAD CPI on the Downward Path   Governor Macklem and Co. are going to be pleased with the March CPI data. By the numbers:   Headline CPI 2.9% (2.9% expected) CPI Median 2.8% (3% expected) CPI Trim  3.1% (3.2% expected)   Implications. At their last meeting, the Bank […]

Notes From The Desk: Two For One Special – US Inflation & The BoC   US Inflation. US CPI came in hotter than expected for the third month in a row.   Headline inflation printed at 3.5% (vs. 3.4% expected). Core inflation came in at 3.8% (vs. 3.7% expected). Today’s data does not signal the […]