Insights

The market backdrop appears incrementally constructive, with the U.S. government shutdown now behind us and a strong earnings season bolstering equity market sentiment. We discuss these developments along with some thoughts on the Canadian federal budget...

Approaching the one-month point of the U.S. federal government shutdown, the Federal Reserve (Fed) has been forced to make an interest rate decision with only partial visibility into the economy. Meanwhile, signs of weakness in pockets of the Canadian...

The U.S. federal government began a partial shutdown this week. While notable, the impact of these shutdowns on the economy and financial markets have typically been modest. Political developments such as these often generate headlines and can induce...

Following recent signs of weakening labour market conditions in Canada and the U.S., central banks in both countries have decided to reduce their benchmark interest rates, resuming monetary easing cycles that had been on hold amidst uncertainty in the...

As Q2 earnings season concludes, we move into what’s historically been a weaker month for stocks. While economic data continues to show soft momentum, the prospect of monetary easing has shored up confidence and lifted many major global equity markets...

As we’ve highlighted in recent letters, this summer has been far from quiet. Markets remain sensitive to a steady flow of headlines, many of them tied to evolving trade developments, which continue to shape investor sentiment. Meanwhile, the second-quarter...

Despite summer typically being more quiet, the headline-filled nature of 2025 has yet to show signs of slowing. A few notable developments have taken place recently, including the signing of a key piece of U.S. legislation and new tariff rates being proposed...

What a difference a few weeks, or even days, makes. In a major pivot, the U.S. administration went from proposing sweeping tariffs across many of its trading partners to then extending a three-month reprieve for all countries. The exception is China,...

Global equity markets fell more sharply this week following the revelation from the U.S. administration that its reciprocal tariffs will be much broader and larger than most investors expected. The “Liberation Day” announcement raised the spectre of a...