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 […]

Notes from the Desk: US Treasuries – The Trifecta of Pain   The last few days have not been kind to holders of US treasuries, with yields rising and the curve steepening. One. The first surprise was the Bank of Japan (BoJ) making an unexpected change to Yield Curve Control (YCC), raising the top end […]