Daily Market Commentary

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Get a complete view of the world as seen through the eyes of our investment professionals each and every business day shortly after the opening bell.

The information contained herein is intended for advisors for general information only and is compiled from sources believed to be reliable, but no representation or warranty, express or implied, is made as to its accuracy. All opinions contained in the commentary and expressed by the portfolio manager are subject to change without notice and are provided in good faith without legal responsibility. All market data is sourced from Bloomberg.​​​​​

  • The FOMC will release its monetary policy statement this afternoon

    Wednesday, November 1, 2017 - 09:17 EDT
    The FOMC will release its monetary policy statement this afternoon, expectations are for rates to remain unchanged.  The Fed has already outlined its plans to reduce its balance sheet, so investors will be looking for additional clues that would point towards a December rate hike.  However, President Trump’s endorsement for the next Fed Chair tomorrow may take centre stage with Powell and Taylor as the potential nominees.  On the tax reform front, reports have been released this morning that the full details of the tax cut package may be delayed until Thursday.  The dela
  • Canadian GDP for August declined

    Tuesday, October 31, 2017 - 08:56 EDT
    Canadian GDP for August declined by 0.1% m/m, which was below expectations of +0.1%.  This was the first decline in GDP since October 2016, although on a year over year basis, the Canadian economy still grew by 3.5%.  The drop in growth over the month was mostly broad based, led by declines in manufacturing and oil & gas.  Shutdowns in Newfoundland impacted conventional oil and gas production while chemical manufacturing was affected by plant maintenance shutdowns and lower demand from export markets.  If September’s growth posts another decline, third quarter GDP in
  • U.S. personal spending increased in September

    Monday, October 30, 2017 - 08:54 EDT
    U.S. personal spending increased at 1.0% for the month of September, beating expectations of +0.9%.  Personal consumption was the strongest since August 2009, similar to the GDP report last week, it was driven by strong motor vehicle purchases following the destruction from the hurricanes.  U.S. personal incomes came in at expectations for September at +0.4%, as steady employment has been supportive of hiring this year.  The Fed’s preferred gauge for inflation, the U.S.
  • The first reading of U.S. third quarter GDP came in at 3% growt

    Friday, October 27, 2017 - 09:03 EDT
    The first reading of U.S.
  • The Bank of Canada left rates unchanged

    Thursday, October 26, 2017 - 08:28 EDT
    The Bank of Canada left rates unchanged at yesterday’s meeting.  The overall tone of the statement leaned towards the dovish side.  The Bank wished to monitor how interest rate hikes will impact the economy, and as a result, will be cautious with further overnight rate increases.  The central bank is also watching developments around geopolitical concerns, which would include NAFTA negotiations, as there are substantial uncertainties surrounding these discussions.  Governor Poloz also added that the weak trend in wages currently suggests that there is continual slack in
  • The Bank of Canada will release its Monetary Policy announcement this morning

    Wednesday, October 25, 2017 - 08:40 EDT
    This morning, the Bank of Canada will release its Monetary Policy announcement followed by Governor Poloz speaking at a press conference.  Following the two rate hikes to bring its policy in line post the oil price shocks in 2016, Poloz has offered a mildly dovish tone indicating that the BOC is not necessarily on a tightening path.  In addition, uncertainty around the ongoing NAFTA negotiations and the introduction of OSFI’s new B-20 rules, that will take effect in 2018, are expected to give the Bank of Canada pause for a rate hike today.  Current implied probabilities for a
  • The government will provide its Fall Economic Statement this afternoon

    Tuesday, October 24, 2017 - 08:41 EDT
    The government will provide its Fall Economic Statement this afternoon as well as a fiscal budget update.  The Canadian economy has been growing at a very strong pace for the first half of the year, which should trim the previous forecasted budget shortfall.  However, annual deficits for the next few years are expected to stay in the general range of the budget released back in March.  In China, President Xi continues to consolidate power after the Communist Party approved a revision to legislature that will allow him to effectively maintain influence over the regime after hi
  • President Trump is expected to make his decision, as early as this week, on who will be the chair of the Federal Reserve

    Monday, October 23, 2017 - 08:55 EDT
    President Trump is expected to make his decision as early as this week on who will be the Chair of the Federal Reserve.  Reports suggest that there are three candidates in the running including current Fed Chair Janet Yellen, who could be renewed for a second term.  During his presidential campaign, Yellen was criticized by Trump for her job in office, however he has changed course recently complimenting her during an interview last week. Fed Reserve Governor Jerome Powell and economist John Taylor are the other two candidates in the running for the job.
  • Canadian headline inflation for September moved higher

    Friday, October 20, 2017 - 08:59 EDT
    Canadian headline inflation for September moved higher to 1.6% y/y from the previous month although a tad below expectations of 1.7%.  Headline CPI accelerated this month due to higher gasoline prices as the hurricanes in the U.S.
  • The Fed released the Biege Book for the September to early October period

    Thursday, October 19, 2017 - 08:49 EDT
    The Fed released the Beige Book for the September to early October period that indicated that the pace of growth was split between modest and moderate, with growth impacted by regions affected by Hurricane Harvey and Irma including sectors such as transportation, energy and agriculture.  On labour markets, they were widely described as tight for employers to hire skilled workers in construction, transportation, manufacturing and health care.  The shortage of labour has been described as one of the factors that is restraining business growth.  However, wage pressures cont
  • OSFI released the finalized version of the B-20 rules yesterday

    Wednesday, October 18, 2017 - 08:30 EDT
    OSFI released the finalized version of the B-20 rules yesterday afternoon that will affect mortgage lending starting on January 1, 2018.  Mortgage applications will need to qualify at the higher of the contractual mortgage rate plus 200bps or the five-year benchmark rate published by the Bank of Canada that currently stands at 4.89%.  Wording was altered slightly from the draft guidelines to add in the ‘greater of the two rates’ that will prevent applicants from applying for a shorter contractual term in order to minimize the rate necessary to be approved.  OSFI also commente
  • The Bank of Canada released its Business Outlook Survey yesterday

    Tuesday, October 17, 2017 - 09:37 EDT
    The Bank of Canada released its Business Outlook Survey yesterday that included data from August to September.  Overall, the expectation for future sales have pulled back, which are now at the lowest levels of the year.  Those who were surveyed did mention that there are uncertainties related to NAFTA negotiations although at this current time, there is no impact on the outlook for their business.  Businesses also suggested a pullback in future investment spending, although still above the long-run average.
  • BOC Governor Poloz spoke on Saturday

    Monday, October 16, 2017 - 08:59 EDT
    Fed Chair Janet Yellen spoke over the weekend about “The Economy and Monetary Policy” at the G30 International Banking Seminar.  In regards to inflation, she indicated that her best guess is the soft inflation readings would not persist and the ongoing economic strength will warrant gradual rate hikes.  The Fed will pay close attention to inflation in the months ahead.  She also touched on this past month’s employment data being affected by weather, which is expected to revert back to more normal levels.  Overall, Yellen was rather upbeat with the expectation that growth
  • U.S. retail sales rebounded in September

    Friday, October 13, 2017 - 09:57 EDT
    U.S. retail sales rebounded in September with an increase of 1.6% m/m after falling -0.1% in the prior month.  The boost in the month was the result of the hurricanes in Texas and Florida that saw motor vehicles replaced following the storms.  An increase in gas prices also lifted retail sales while prices at the pump jumped.  The storms have generated a bit of volatility in September’s economic data, which is expected to moderate back to previous levels.  U.S.
  • The FOMC minutes were released yesterday

    Thursday, October 12, 2017 - 08:37 EDT
    The FOMC minutes were released yesterday, as Fed members discussed why inflation continues to remain soft.  Members either viewed inflation as being transitory, which has been the language continually repeated in their statements, although many are also unsure whether there will be longer term persistency to lower CPI.  The uncertainty within the FOMC in regards to inflation has made the path for future rate hikes somewhat unclear for next year.  However, many participants also believed that another increase to the Fed Funds Rates later this year is likely to be warranted.&nb
  • There is an expectation this week for additional ABS issuance

    Wednesday, October 11, 2017 - 08:37 EDT
    Tensions in Catalonia have calmed somewhat following the Catalan President’s address that he would suspend any current actions towards independence following last week’s independence vote.  He indicated that he would engage in dialogue with the Spanish Prime Minister, following the widespread notion from the European Union that the vote was illegal.  Spain equity markets as a result have reversed from yesterday – up more than 1% this morning.  Chicago Fed president Evans is speaking this morning and noted that the fundamentals of the U.S.
  • Spanish equity markets are down over 1% this morning

    Tuesday, October 10, 2017 - 08:22 EDT
    Spanish equity markets are down over 1% this morning after the Spanish government announced that their police forces are ready to arrest Catalan President Puigdemont if he announces the region as an independent state.  Spain viewed last week’s referendum vote for independence as illegal with the Catalan president expected to make a statement this evening.  Brexit continues to remain in focus after Theresa May won support as she outlined her contingency plan for leaving the euro area that will help to minimize disruptions to businesses and travelers.    The U.K.
  • Canadian employment remains strong

    Friday, October 6, 2017 - 09:06 EDT
    Canadian employment remains strong adding 10k jobs in September, although slightly below consensus of +12k.  The Canadian economy has continued to add jobs every month since December of last year and is averaging just over 25k jobs created per month.  The details of the report were also positive as all the jobs created this month were full time. The participation rate ticked down 0.1% to 65.6% while the unemployment rate remained the same at 6.2%.  U.S. non-farm payrolls for September declined by 33k jobs with expectations that the U.S.
  • Minutes from the September ECB meeting were released this morning

    Thursday, October 5, 2017 - 09:16 EDT
    Minutes from the September ECB meeting were released this morning, which indicated that the reassessment to remove stimulus must be gradual and cautious.  In addition, the central bank must be mindful of market expectations on future policy.  Officials were concerned of volatility related to a rise in the euro and will continue to monitor exchange rate movements and its effects on euro area growth.  At this point in time, ECB members agreed that substantial stimulus is still needed, with initial discussions surrounding policy recalibration beginning this meeting.  Spanis
  • BOC deputy's governor remarks yesterday essentially removed the potential of another rate hike this year

    Wednesday, October 4, 2017 - 08:55 EDT
    Bank of Canada Deputy Governor Leduc remarks yesterday essentially removed the potential of another rate hike this year.  He stated that the Canadian economy has performed a lot better than expected over the past five quarters; however the economy’s growth rate is expected to decline over the next couple of quarters from its current levels.  In addition, an increase in productive capacity from new firm creation would increase growth but without necessarily creating inflationary pressures.  In regards to the Canadian dollar, he mentioned that the sharp drop in the CAD may have
  • The Canadian new issue market was active again yesterday

    Tuesday, October 3, 2017 - 08:30 EDT
    There were two Fed officals speaking yesterday with Dallas Fed President Kaplan noting that the hurricanes affecting Texas and Florida will create weakness in Q3 growth.  However, he still expects 2017 growth to measure around 2.25% or a little higher.  Similar to Yellen’s previous comments regarding a potential December rate hike, Kaplan noted that officials should keep an open mind although the committee should ‘look hard’ at need for action.  Diverging from Kaplan’s view was the more dovish Fed member Kaskhari.  Rather, he indicated that the Fed should proceed with ca
  • Yields of Spanish government bonds are wider this morning

    Monday, October 2, 2017 - 09:56 EDT
    Yields of Spanish government bonds are wider this morning following a referendum vote that saw approximately 90% in favour of Catalonia separating from Spain to become an independent republic.  The details of the vote are still unclear as it is still debatable whether the vote was legal or not, and at this point the EU has not recognized the outcome of the election.  As a result of the uncertainty, safe haven German bond yields are mildly lower this morning.
  • Canadian GDP for July came in flat

    Friday, September 29, 2017 - 09:48 EDT
    Canadian GDP for July came in flat with year over year GDP increasing at 3.8%.  In July, oil and gas output declined by 1.8% while wholesale output increased by 2%.  Housing continued to be a slight drag on GDP following Ontario’s new rules to curb foreign buyers.  July’s GDP release this morning is the first look at Q3 GDP, which looks to have taken a slight pause following two very strong quarters to start the year.  Bank of England governor Carney spoke this morning and indicated that if the U.K.
  • U.S. Q2 GDP was revised marginally higher

    Thursday, September 28, 2017 - 09:04 EDT
    The final reading for Q2 U.S.
  • Janet Yellen spoke yesterday on inflation and monetary policy

    Wednesday, September 27, 2017 - 10:38 EDT
    Janet Yellen spoke yesterday on inflation and monetary policy, which held an overall hawkish tone.  She warned markets not to underestimate the potential of additional rate hikes this year and that the Fed should also be wary of moving too gradually.  Overall, she believes that it would be imprudent to keep policy on hold until inflation reaches 2%, as there is potential for the economy to overheat if modest hikes are not introduced over time.  Following the speech, implied probabilities of a potential rate hike by the Fed in December increased by almost 7% to 69%, while the
  • ECB President Mario Draghi spoke yesterday

    Tuesday, September 26, 2017 - 09:51 EDT
    ECB President Mario Draghi spoke yesterday, indicating that the Euro area recovery has broadly accelerated, although the pass-through of monetary stimulus still needs to translate into stronger inflation.  As a result, the ECB still expects to remain patient and maintain accommodation, as there are still some uncertainties to the inflation outlook.  However, Draghi noted that the ECB sees most of the downside risk to the Euro area is mostly geopolitical.  On the central bank theme, Janet Yellen is speaking today and will address inflation, where last week she indicated that t
  • The third round of NAFTA negotiations began over the weekend

    Monday, September 25, 2017 - 08:53 EDT
    Over the weekend, German Chancellor Merkel won her fourth term.  However, Merkel’s CDU party lost seats from the last election, only securing 33% of votes.  As a result, Merkel will be required to form a coalition with other parties in order to further accomplish her political agenda.  European equity markets are mixed this morning with the Germany DAX up 0.18% and euro also mildly lower.  Otherwise, the third round of NAFTA negotiations began over the weekend that will go until the middle of this week.  At this point, it appears that negotiations have been moving r
  • Canadian retail sales rose 0.4% in July

    Friday, September 22, 2017 - 09:35 EDT
    Canadian retail sales rose 0.4% in July. In terms of volume, sales fell 0.2%, however excluding autos, retail sales rose 0.2%. Consumer spending has been persistently solid in the past two years. There appears to be no obvious signs of downside risks related to the housing market slowing down in both BC and ON. Separately, Canadian CPI rose 0.1% in August, translating into 1.4% annual growth. The average of the three Core CPI measures came in at 1.53% in August. The rise in inflation was largely contributed by surging gasoline prices during the month.
  • As expected the Fed funds rate remains unchanged at 1%

    Thursday, September 21, 2017 - 09:36 EDT
    As expected, the Fed funds rate remains unchanged at 1% and announced that they will gradually reduce their $4.5 trillion balance sheet starting in October. FOMC members’ dot plot projections implied one more 25bps hike in 2017, three hikes in 2018 and two hikes in 2019. On the inflation front, The Fed is expecting it to remain sub 2% on a 12-month basis and reach its 2% target in 2019. As a result of persistent weakness in inflation, the Fed revised long term benchmark interest rate to 2.8% from 3% previously. 
  • While awaiting today's Fed rate decision global markets are generally calm

    Wednesday, September 20, 2017 - 09:05 EDT
    While awaiting today’s Fed rate decision and press conference, global financial markets are generally calm. With a widespread expectation that the Fed will start balance sheet unwinding in October, government bond yields edged higher globally.  Investors were largely discounting other factors including Trump’s threat to North Korea in a UN speech, Hurricane Maria and another major earthquake in Mexico.
  • BPC deputy governor, Tim Lane, spoke publicly on global trade yesterday

    Tuesday, September 19, 2017 - 08:37 EDT
    BOC deputy governor Tim Lane spoke publicly on global trade, yesterday. He reiterated that the central bank is closely monitoring how the economy responds to rising borrowing costs and a stronger Canadian dollar. In the speech, he also mentioned how a strong Canadian dollar had “battered” exports in the past. As a result of his speech, the Canadian dollar fell by 1 % and odds of a 25 bps rate hike in October fell to 41.5% from 53% earlier.
  • Investors' attention is turning to the FOMC announcement this Wednesday

    Monday, September 18, 2017 - 09:21 EDT
    Investors’ attention is turning to the FOMC announcement this Wednesday. While the Feb is broadly expected to maintain the benchmark rate unchanged at the current level of 1%-1.25%, the majority of the attention will be on whether there will be details on balance sheet reduction. Current implied probability for a rate hike before the end of 2017 is 50.6%. The U.S. dollar is rebounding and stocks are opening higher ahead of the Fed meeting. 
  • U.S. retail sales for the month of August fell

    Friday, September 15, 2017 - 10:18 EDT
    North Korea launched another missile over Japan after the UN Security Council imposed the strongest sanctions on North Korea on Monday. Markets were a touch softer and viewed the current situation as a continuance of the provocation, instead of further escalation.
  • U.S. headline inflation increased by 0.4%

    Thursday, September 14, 2017 - 09:36 EDT
    U.S headline inflation increased by 0.4% to 1.9% in August, largely due to 2.8% energy prices increase causing by Hurricane Harvey. Core inflation rose by 0.2% to 1.7% in August, supported by strong service prices. Fed officials are closely monitoring the monthly changes in core inflation. On the back of better than expected inflation data, the probability of a December rate hike increased from 38.9% to 43.4%. The Bank of England kept the bank rate unchanged at 0.25% and maintained its government bond purchases at £435 billion.
  • Yesterday was a very active day in the domestic bond market

    Wednesday, September 13, 2017 - 09:39 EDT
    U.K. Prime Minister Theresa May is planning to deliver a speech on her latest Brexit negotiation strategy on September 21st . The European Union and U.K. have agreed to postpone the next round of Brexit negotiation to a date after the speech, which is expected to have “an important intervention” in the future negotiations.  Despite little progress in the Brexit negotiations, U.K. employment continues to enjoy strong job momentum. The Jobless rate fell to a 42-year low of 4.3%. Markets are waiting for BoE ‘s monetary policy decision coming tomorrow.
  • The UN Security Council approved new sanctions against North Korea

    Tuesday, September 12, 2017 - 09:02 EDT
    The United Nations Security Council approved new sanctions against North Korea after its most powerful missile and nuclear tests. The sanctions targeted to cut oil imports to 2 million barrels a year, ban textile exports and enhance shipments inspection. Although the sanctions have been described as the most extensive yet, but falling far short from the original demands from the U.S.  North Korea rejected the new sanctions and markets generally ignored the response and continued carry on with risk-on tone from Monday.
  • The U.S. dollar and U.S. Treasury yields have move higher

    Monday, September 11, 2017 - 09:10 EDT
    Hurricane Irma hit Florida with less force than expected, and with no other geopolitical news coming out over the weekend, the U.S dollar and U.S Treasury yields moved higher. Safe havens including gold, the yen and Swiss franc fell. In the meantime, Fed speakers are now in a blackout period ahead of next week’s policy meeting on September 20th. Investors are surveilling the impact of Hurricane Harvey and Irma, and also potential impacts from Hurricane Juan and Katia on the U.S economy.
  • Canada added 22,200 jobs in August

    Friday, September 8, 2017 - 09:23 EDT
    Canada added 22,200 jobs in August, higher than market expectations of a 15,000 gain. Details were weaker than the headline number. Full-time jobs decreased by 88,100, fully offset the 32,700 gain of self-employed positions. The gain in August was mainly contributed by a 110,400 increase of part-time jobs.
  • There was a flurry of new issuance in the Canadian credit market yesterday

    Wednesday, September 6, 2017 - 08:35 EDT
    Markets are softer this morning, weighting up the risks of; a potential intercontinental ballistic missile launch by North Korea; hurricane Irma moving closer to Florida; and the American debt ceiling approaching.  The risk- off tone was supported by a lack of consensus among U.S. Russia and China on how to pressure North Korea in abandoning its atomic and missile programs.  Russia supported China to introduce more retributive measures and provide a security guarantee, instead of sanctions.
  • Gasoline prices are slightly lower this morning

    Tuesday, September 5, 2017 - 10:48 EDT
    Gasoline prices are slightly lower this morning after increasing by as much as 15% over the past week.  However, Hurricane Irma is currently tracking along the Atlantic coast  and could potentially threaten the gulf coast after being upgraded to a Category 5 hurricane this morning.  WTI Crude prices have also recovered marginally off the lows from last week, sitting just below $48/barrel, as the damages to energy infrastructure caused by Hurricane Harvey continue to be assessed.  Otherwise, investors will be looking ahead to tomorrow’s Bank of Canada rate decision. 
  • U.S. nonfarm payrolls undershot expectations with 156,000 jobs added in August

    Friday, September 1, 2017 - 10:19 EDT
    U.S. nonfarm payrolls undershot expectations with 156,000 jobs added in August, versus consensus of 180,000.  There was also a negative 41,000 revision for the prior two months.  The participation rate of 62.9% was in line with the prior month, with the unemployment rate ticking 0.1% weaker to 4.4%.
  • China's manufacturing PMI increased to 51.7 in July

    Thursday, August 31, 2017 - 09:50 EDT
    China’s manufacturing PMI increased to 51.7 in July, higher than the forecast of 51.3.  China’s economy continues to be strong this year as a pickup in exports continues.  The U.S. second estimate for Q2 GDP was revised up to 3%, higher than estimate of 2.7%, and a 0.4% improvement from the first reading. This was largely due to stronger personal consumption, which rose 3.3% in Q2, compared with 1.9% in the prior quarter. Across markets, stocks gained after strong economic data.  The U.S dollar also extended gains and Treasury yields rose yesterday.
  • U.S. ADP employment for August came in at 237k

    Wednesday, August 30, 2017 - 10:08 EDT
    U.S. President, Donald Trump, responded that “all options are on the table” after North Korea fired a missile over Japan on Tuesday.  Markets interpreted it as the situation won’t escalate. Asian stock markets closed higher, followed by European stock markets. The S&P rebounded to close slightly higher. The yen dropped as demand for safe-haven assets weakened, while Swiss franc and gold maintained gains.
  • North Korea fired a missile over Japan setting a risk-off tone across markets

    Tuesday, August 29, 2017 - 09:22 EDT
    North Korea fired a missile over Japan setting a risk-off tone across markets. Stocks were weak across Europe and Asia. U.S stock futures also tumbled as safe havens including gold, the Swiss franc and Japanese Yen rallied.  Japan stated that the latest provocation from North Korea was “unprecedented, grave and a serious threat” and requested the United Nations Security Council to hold an emergency meeting.  As a result, both 10-year Treasuries and Canadian government yields are also lower by 5-6bps this morning.
  • Tropical Storm Harvey, and the devasting floods, continue in Texas

    Monday, August 28, 2017 - 09:33 EDT
    Tropical Storm Harvey, and the devastating floods, continues in Texas. Houston, the 4st largest city in America and the biggest in Texas, which is the center of the U.S. energy industry.  Approximately 25% of natural gas production in the Gulf of Mexico and more than 10% of U.S. refining capacity has been shuttered. Gasoline futures prices surged 7% in early Asian trading to the highest in two years, but WTI prices declined by 1%.
  • U.S. durable goods for July came in at -6.8%

    Friday, August 25, 2017 - 08:59 EDT
    U.S. durable goods for July came in at -6.8% below expectations of -6.0%.  The large drop over the past month was a result on unusually higher aircraft orders in the previous month following the Paris Air show.  However, core capital goods orders excluding air increased at 0.4% over the month, while shipments also increased positively at 1.0%.  The core measure indicates that economic growth continues to strengthen through equipment and business investment, which helps to broaden out the U.S.
  • CIBC was the second of the Canadian banks to report

    Thursday, August 24, 2017 - 08:48 EDT
    Fitch put out a note yesterday indicating that any failure by the U.S. to raise the debt ceiling in a timely manner would result in potentially negative implications.  This follows President Trump’s comments that he would be willing to shut down the government if provisions are not made to build a wall.  Fitch currently has the U.S. sovereign debt rating at AAA.  Back in 2011 when the debt ceiling debate almost shut down congress, S&P did downgrade the U.S. by one notch to AA+.
  • Yesterday saw a flurry of new issue activity

    Wednesday, August 23, 2017 - 08:19 EDT
    President Trump continues to drive headlines this week after stating that the NAFTA agreement will likely be terminated while he would also be willing to shut down the government over border wall funding.  In his speech, Trump indicated frustration over negotiation efforts with Canada and Mexico although the first round of meetings has only just concluded. 
  • Canadian retail sales for June came in just below expectations

    Tuesday, August 22, 2017 - 08:53 EDT
    Canadian retail sales for June came in just below expectations of 0.2% at +0.1%m/m.  Although still a positive increased for the month of June, May’s strong retail sales number was revised 0.1% lower to 0.5%.  Consumption in Canada continues to be strong for the first half of the year as job growth and access to cheap credit has been supportive for spending.  In terms of volumes, spending increased 0.5% m/m while retail sales ex autos jumped by 0.7% for the month.  New car sales were negative for the month but were offset by spending related to housing, which included fu
  • The first round of the NAFTA negotiations ended last week

    Monday, August 21, 2017 - 08:59 EDT
    The first round of the NAFTA negotiations between the U.S., Canada and Mexico ended last week with all three countries committed to wrapping up the negotiations quickly.  The U.S. has mid-term elections while Mexico has a national election next year and as a result wish to conclude the NAFTA talks beforehand.  Canada did indicate that they would not agree to a bad deal in order to accommodate the timetable for the U.S.

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