The February US Producer Price Index came in below estimates, with the headline measure showing no monthly change and standing at 3.2% y/y. Core PPI (excluding food, energy, and trade services) was also cooler than expected, coming…
Our Global Fixed Income team wrote a primer on the Canadian provincial bond market, an overlooked yet substantial market. Canadian provincial bonds are a major segment of the country's fixed income market, with spreads primarily…
A reoccurring theme in client discussions has been how cheap US small-cap equities could siphon allocation away from their richly-valued large-cap peers. But valuations are no one’s friend in a drawdown. While the S&P 500 is in…
The February US CPI came in cooler than expected. Headline inflation decelerated to 0.2% m/m (2.8% y/y), as did core which now stands at 3.1% y/y. Core services inflation declined while core goods inflation was roughly unchanged.…
The Bank of Canada cut by 25 bps to 2.75% as expected. This seventh consecutive cut brings the policy rate further into neutral territory, estimated to be in the 2.25%-to-3.25% range. The BoC is in a tough place. The trade war…
A falling stock market and sticky bond yields represent the worst of both worlds for investors. We interrogate why bond yields haven’t dropped more given the large selloff seen in equities.
The February NFIB Small Business Optimism index decreased more than expected to 100.7 from 102.8. The decline extends the reversal seen since the November US election as policy optimism yields to uncertainty. The signal from the…
Our US investment strategists believe the Trump administration’s resolve to cut spending as well as tariff uncertainty have increased the probability of a recession.The Department of Government Efficiency’s sweeping cuts may…
After entering 2025 with depressed growth expectations, measures of European sentiment have seemingly bottomed, and European assets rallied. However, given the changing geopolitical order and Europe’s forceful response thus far, are…
China’s February consumer prices fell 0.7% y/y after expanding on an annual basis in January. Producer price deflation stood at -2.2% y/y, roughly unchanged from a month prior. China’s first quarter data is heavily influenced by…