Notes From The Desk

US Inflation: When you're hot. You're hot. · December inflation 7% with core at 5.5% · Yesterday, Fed Chair Powell told Congress that it made sense to raise rates sooner to prevent inflation...

In the land of the bald eagle, the hawks have begun to emerge. · With inflation showing little signs of slowing down, the Federal Reserve has sent a strong signal that they are taking the situation...

Canadian Inflation Update Today's CAD CPI data was a non-event in terms of monetary policy. · The headline number of 4.7% was bang on expectations. · In our opinion, the Bank of Canada remains on...

Back to the Future: US Inflation from hot to red hot · US headline inflation came in at 6.8% and core at 4.9%. · While these numbers are multi-decade highs, they are in line with the consensus...

Rogers Launching First Telco Hybrid Deal Rogers Communications is ‘making more possible’ by launching their first hybrid bond, a halfway house between debt and equity. This should help them maintain...

There is no stopping the Canadian job machine. With several pandemic unemployment support programs ending in October, it appears people decided to take up many of the jobs on offer: · 153.7k jobs...

Four More Years. Biden nominates Jay Powell for a second term. · Jay Powell to serve a second term as chair of the Federal Reserve. · Lael Brainard, considered the competitor to the throne, assumes...

Canadian Inflation · Headline CPI came in as expected at 4.7%, while core inflation was 1.8% (a touch below the expectation of 1.9%) · With the Bank of Canada forecast of 4.8% for Q4, today’s...

Today’s FOMC was a relatively straightforward, as-expected affair. · The tapering of QE begins this month with a reduction of $15 bn per month ($10 bn in treasuries, $5 bn in mortgages) · At this...

A quick note from our trading desk on today's Bank of Canada meeting and press conference. · The BoC has officially ended QE and moved into the reinvestment phase, where they will simply reinvest...

Federal Reserve Chairman Jay Powell has achieved an amazing outcome. His highly anticipated speech this morning was a masterpiece of optimism and calmness. · Tapering is expected later this year,...