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Client holdings Alphabet/Google, Microsoft and Union Pacific in particular delivered the goods this week.

So I'll be staying the course...

Strength in the U.S. may further push back the start of the coming rate cut cycle, while a weak Canadian employment report would likely prompt the Bank of Canada to start cutting now, were it not for the impact this would have on the Canadian dollar.

In fact, Senior Deputy Governor, Carolyn Rogers, calls the lack of productivity growth an "emergency".

Greater U.S. economic growth versus stagnating Canadian growth (and actual declines in per capita Canadian GDP since 2019) argue in favor of this adjustment.

In spite of political and cultural division, the U.S. enjoys some structural economic advantages when compared to Canada. Portfolios may be modestly tilted in favor of recognizing these advantages.

The jostle amongst economic data, inflation and expectations for interest rate policy continues. As described herein, bad news is once again being treated as good news.

JP Morgan brushed up against our analyst target; it was replaced with U.S. Bancorp.

The U.S. was a relative economic outperformer in 2023, and is likely to duplicate the feat in 2024.