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Good morning. The dollar is advancing against all of its major peers, driven by a Federal Reserve that has turned far more hawkish, and a deterioration in risk appetite as technology stocks retreat.
Last week’s abrupt pivot from the Federal Reserve is still rippling across markets, and confounding the early-2026 consensus for a weaker dollar. After a series of stronger-than-expected data releases...
There was little evidence of higher energy costs broadening to raise prices for other goods and services in Canada last month, with underlying inflation pressures holding steady, further lowering the likelihood of a rate hike from the Bank of Canada by year end. Data released by Statistics Canada this morning showed core inflation—which strips out food and energy prices—and is computed as the average...
Good morning. The dollar is holding near a one-year high and Treasury yields are climbing even as oil prices fall another 2%, with investors returning from the holiday weekend to find that hawkish signals from last week’s Federal Reserve meeting are overwhelming the terms-of-trade effects that had dominated currency markets since the war began. With rate differentials having tilted sharply in...
Good morning. Oil prices are nearing pre-war levels as supertankers begin moving through the Strait of Hormuz, and the dollar is trading near a one-year high after the Federal Reserve delivered a “hawkish hold” in Kevin Warsh’s first meeting as chair.
Both of the major global crude benchmarks are trading just above levels reached in the immediate aftermath of US and Israeli strikes on Iran...
The Federal Reserve left interest rates unchanged, stripped forward guidance from its communications, and signalled a dramatic hawkish shift in its reaction function at Kevin Warsh’s first meeting as chair—confounding expectations for a smooth transition from the Powell era.
In significant revisions to the statement, officials removed anything resembling a forward policy outlook, including...
Good morning, and happy Federal Reserve day to all who celebrate. Markets are on tenterhooks ahead of Kevin Warsh’s first meeting as Federal Reserve chair, with Treasury yields firming, the dollar advancing, and most major currency pairs trapped in tight ranges. After a copy of the US-Iran ‘memorandum of understanding’ was released by major news outlets, both global oil benchmarks are edging...