Morsky Memo

One clear winner from the Fed’s 25 basis point rate cut was the U.S. Treasury, which can roll over maturing debt at lower costs. Lower rates alone, however, are unlikely to make the country’s fiscal policy sustainable.

The U.S. economy seems in many ways an anomaly. Interest rates are, by many measures, in “restrictive” territory, and yet the unemployment rate remains quite low. The U.S. is in the midst of a historic trade shock with 100-year high tariffs, but inflation...

There was further evidence of a recovery is taking hold in many housing markets across Canada in August, but local price trends still varied considerably with declines continuing in affordability-challenged areas where inventory has piled up. Early reports...

With the Fed poised to lower overnight interest rates next week, we think investors may be disappointed with what lowering rates is likely to accomplish. We look at the potential asset-class implications if the Fed moves too aggressively.

After outpacing cautious expectations in the first half of the year, the global economy could face new challenges from trade policy uncertainty and inflation over the coming months.