Michael's Blog

While the U.S. stock market rally continues its impressive run, several factors make for a more toned-down backdrop. Today we’ll discuss drivers of the rally and how to position equity portfolios. The S&P 500 has continued to surge amid rather low volatility...

Our U.S. Recession Scorecard saw an important negative shift in May, when a third of seven leading indicators was re-rated from cautionary yellow to recessionary red. A fourth may undergo a similar shift in the coming months. Equity investors should take...

The BoC lowered its policy rate, and it will likely continue to cut rates sooner and faster than the Fed. This may not be a passing fad given Canada’s relatively high debt load and weaker productivity. Divergence between the Fed and other central banks...