Blog

The White House has made broad interpretations of existing legislative authority to make unilateral policy moves. We examine how this centralized ad hoc decision-making raises structural concerns and how the economic policy framework may evolve.

Dear Friends, We hope you’ve had a great week. 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...

The greenback’s volatile year underscores the interplay between cyclical drivers and longer-term valuation challenges—factors that could have implications for global equity leadership.

We’re increasingly of the view that a series of disruptions are masking a very real cyclical U.S. economic slowdown underneath the surface.

Overall, the story of Budget 2025 is as expected. There is big new spending and deficits that would be even larger without review savings. Buffers are slim against the two fiscal anchors of a balanced operating budget by 2028-29, and a declining deficit-to-GDP...

We outline some of the proposed federal budget measures, and the effect they may have on Canadians and their families.

Despite a second consecutive rate cut, a hawkish turn from the Fed supports our view that it’s on hold until at least 2026. While that may have previously caused market turbulence, investors seem content with the idea the Fed has already done enough.

Dear Friends, We hope your week has been a good one. 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...

The Bank of Canada delivered an expected 25 basis point rate cut today, lowering the overnight rate to 2.25%—the bottom of the neutral range that would not add to or subtract from inflation pressures over time. Beyond the rate cut itself, two themes stood...