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Another rate cut from the Federal Reserve this week has taken U.S. interest rates into a new era where we think every rate cut not only means that policy gets easier, but risks becoming too easy, all while the decisions only get harder.
The rally in 2025 and throughout the longer bull market cycle has been uneven with the largest of large-cap stocks dominating. Key charts illustrate this phenomenon, and we discuss how to factor this into portfolio strategies.
After three consecutive years of strong gains for most equity markets, nothing historically rules out a fourth.
U.S. government borrowing costs on longer-maturity debt have risen more quickly than on shorter-maturity debt since so-called reciprocal tariffs were announced. We discuss what drove that reaction and why the difference is likely to persist.
Questions regarding the Federal Reserve’s price stability and maximum employment mandates abound. We look at what investors should know at a time when there is a lack of clarity regarding the central bank’s next moves.
Slumping pre-construction sales are slowing the flow of units entering the pipeline and this could have negative consequences for supply growth in the medium to longer term.
Running up debts to buy foreign goods is unsustainable in the long term. Identifying the problem is simple, but we see no easy or quick escape for the U.S. from the imbalances built up over the last four decades.
The Bank of Canada lowered its benchmark interest rate again in March, this time to 2.75% from 3%.
Although trade policies are evolving and government responses remain uncertain, here is a summary of what we know.
The significant risk that tariffs pose to Canada’s economy casts a potentially dark shadow over the housing market.
Tariffs can have many economic impacts, but we think investors should focus on the economic and political goals that are driving decision-making.
