Markets appeared calm in October as equities rose, volatility stayed low, and both the Federal Reserve and the Bank of Canada trimmed rates. Beneath the surface, visibility is limited and calm is not the same as certainty....

The first half of 2025 has been characterized by a dramatic regime shift in economic policy following President Trump’s inauguration for his second term....

President Trump’s re-election as the 47th President of the United States, accompanied by a Republican majority in Congress, signals significant shifts for the U.S. economy, financial markets, and Canada’s cross-border relationship....

The Bank of Canada has cut its overnight rate by 50 basis points to 3.75%, marking the fourth consecutive reduction and the largest since the pandemic. With a dovish outlook, the Bank signals a cautious approach going forward....

May’s CPI delivered a rare downside surprise that the Federal Reserve has been waiting for in Q4, as both headline and core measures came in lower than expected....

A Small Step Towards Easing, a Big Leap in G7 Central Bank Monetary Policy...

Since the last newsletter, we have seen a recovery in stocks, which are now holding near record highs in North America, while expectations of the Federal Reserve easing monetary policy are reducing and yields are trending higher....

In the month of April, inflation reports on both sides of the border showed a moderation from the increases in recent months....

As expected, the FOMC has kept the Fed Funds rate at a 23-year high for the sixth straight meeting and announced a slowdown in the pace of balance sheet runoff beginning in June....

The month of November has seen a big change in financial markets with equity markets rallying aggressively....