The BIG Picture

Despite summer typically being quiet, the headline-filled nature of 2025 has yet to show signs of slowing.

Global equity markets fell more sharply this week following the revelation from the U.S. administration that its reciprocal tariffs will be much broader and larger than most investors expected.

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.

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 U.S. Federal Reserve cut interest rates this past week, joining many other major developed central banks who have started to reduce interest rates in recent months.

The global equity market is off to a reasonably good start this year, driven once again by the U.S. market and large-cap technology stocks.

This past week, the Bank of Canada decided to maintain interest rates at existing levels, as expected.

It is hard to believe, but 2023 is coming to an end. Fortunately, both global equity and bond markets appear to be finishing the year on a strong note. This strength can be attributed primarily to two factors.