The BIG Picture

Global equity markets have spent the past month adjusting to the view that the U.S. Federal Reserve may be nearing the end of its rate cutting campaign.

Happy New Year. The stock markets closed out a strong year on a quieter note as investors began to recalibrate their expectations for future interest rate cuts by the U.S. Federal Reserve. This shift in expectations led to a rise in government bond yields...

The Bottom Line: As expected, the Bank of Canada (BoC) cut the overnight rate by another 50 bps to 3.25% on Wednesday, right to the top end of the BoC’s “neutral” range estimate (2.25% – 3.25%). Macklem’s opening statement made clear that with interest...

Despite potential headwinds, we are generally constructive on Canadian markets, though we expect less outperformance in credit.

North American equity markets are flirting with new highs, even as the incoming U.S. administration introduced fresh uncertainty. President-elect Donald Trump recently proposed sweeping tariffs

The Fed has finally aggressively lowered interest rates. While a steeper yield curve reflects the market’s optimism that rate cuts will shore up the economic outlook, further steepness could be a sign the Fed will cut rates deeply, likely due to a re

A continued decline in inflationary pressures, coupled with ongoing signs of a cooling Canadian economy, prompted the Bank of Canada (BoC) to make its third consecutive interest rate cut this week.

Over the past week, Canadian banks reported their second-quarter results. Much of the focus has understandably been on the outsized stock price reactions. Typically, any moves in the Canadian bank stocks related to earnings results are relatively tame...