Notes From The Desk

COVID - Been There, Done That The Canadian economy continues to storm back from the pandemic. Today’s Labour Force numbers were jaw-dropping: 336.6K jobs created vs expectations of 127.5k...

The Expected - US CPI. Today’s US CPI came in as expected with headline inflation of 7.9% and core inflation of 6.4%. With the recent jump in commodity prices threatening to prolong the period of...

Bargains in High-Quality Credit? Yesterday, Scotiabank came to market with a $2.25 bn 5y Senior Bond. · The coupon was 2.95% · Credit spread of +132 bps The credit spread is more than double the...

Canadian Inflation - Seals The Deal CAD CPI exceeded forecasts as price pressures are spreading across the economy. · Headline CPI came in at 5.1% (4.8% expected) · Core was 3.3% (3.1% expected) A...

Canadians & US Employment Update Today’s employment data demonstrates the stark differences in the response to Omicron between the US and Canada. US Employment numbers far exceed expectations: ·...

Canadian Inflation & The World Wide Web Canadian CPI clocked in at 4.8% for 2021. The last time it was this high was 1991, the year the internet was made available to the public. While life...

Today’s business outlook survey confirmed that the Canadian economy is at full capacity: · 77% of firms plan on hiring in 2022 · 78% of firms report difficulty in meeting unexpected demand · Labour...

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...