Our US Equity strategists investigated the underperformance of the Green and Clean (G&C) investment theme, in the context of an incoming US administration expected to be less friendly towards green initiatives. The G…
Housing activity data missed expectations and decreased in October. Building permits came out at 1.416m vs. 1.428m in September, and housing starts decreased from 1.354m in September to 1.311m. Units under construction keep…
Canadian inflation was slightly hotter than expected in October, re-accelerating to 2.0% y/y from 1.6% in September. The BoC’s favored core measures, median and trim, re-accelerated to 2.5% and 2.6% respectively, and CPI-…
As talks of a market “meltup” abound, we used last Friday’s edition of our BCA Live & Unfiltered meeting to assess our asset allocation recommendations. Our House View has been underweight equities since…
Our Global Investment Strategy team examined the risk of a fiscal crisis amid rising global debt levels. Stabilizing the US debt-to-GDP ratio would require a nearly 4% GDP improvement in the primary budget balance at…
October retail sales beat expectations, printing 0.4% m/m on top of positive revisions for September. However, the numbers were weaker when adjusting for autos or other volatile components, with the control group declining 0.1%…
The flipside of the recent US dollar rally has been weakness across both DM and EM FX. The USD rally has legs and will have cross-asset reverberations. EM equities will be affected. A key determinant of EM returns is the…
US CPI inflation for October printed in line with expectations and was unchanged from September, with headline at 0.2% month-over-month and core at 0.3%. Headline re-accelerated to 2.6% from 2.4% on an annual basis, and core…
We update our inflation forecast following this morning’s CPI release, concluding that TIPS breakeven inflation rates have room to fall.