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CAD

21 Mar 2023

Canadian Inflation Eases, Pulling Loonie Lower

Headline Canadian inflation slowed sharply and a number of underlying price indicators continued to ease last month, effectively releasing pressure on the Bank of Canada to raise rates for a final time in this tightening cycle. Data released by Statistics Canada this morning showed the Consumer Price Index rising 5.2 percent on a year-over-year basis in February, falling well under the 5.9 percent increase recorded in January, and below consensus expectations for a 5.4 percent increase. On a month-over-month basis, the change slipped to 0.4 percent – missing a forecasted 0.5 percent increase. Gasoline prices fell -4.7 percent year-over-year, driving the energy...

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21 Mar 2023

Markets Move Higher as Anxiety Subsides

A relief rally continues to unfold in global financial markets this morning, with equity indices and bond yields marching higher as tensions in the US and European banking sectors show signs of easing. The dollar is turning in a mixed performance as safe haven currencies retreat. In prepared comments released ahead of a speech this morning, US Treasury Secretary Janet Yellen said the protections extended to uninsured depositors at Silicon Valley Bank could see use elsewhere. “Our intervention was necessary to protect the broader US banking system,” she said, “And similar actions could be warranted if smaller institutions suffer deposit runs that pose the...

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20 Mar 2023

Official Policy Actions Ease Market Tensions

Risk aversion appears to be ebbing in financial markets after Swiss regulators forced UBS and Credit Suisse together, and major central banks agreed to increase swap line availability. The dollar is softer, Treasury yields are down, and North American equity futures are stabilizing. We remain convinced that the US and European banking sectors are well capitalized and flush with liquidity, meaning that official policy actions should prove successful in preventing a broad-based meltdown in global financial markets.  But signs of potential contagion remain obvious: implied volatility levels are elevated, regional bank indices are sitting on losses, and commodities are lower....

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17 Mar 2023

The Morning After the Night Before

After a brutal week, markets are in hangover mode, laying on the sofa, drinking as much liquidity as they can, and remaining ready to puke at any time. Risk appetites are reviving and major equity indices are poised to extend gains after Credit Suisse said it would stabilize its balance sheet with 50 billion francs borrowed from the Swiss National Bank, and a group of big US banks agreed to inject $30 billion into First Republic Bank. Treasury yields are seeing bifurcated moves, with the two year rising as the ten-year falls, and the dollar is weakening. Oil and other commodities...

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16 Mar 2023

Markets Rebound on Easing Contagion Fears

Measures of implied volatility are beginning to subside after the collapse of Silicon Valley Bank triggered a week-long spasm in financial markets and led to a wholesale repricing in global interest rates. European bank shares are rallying, North American equity indices are setting up for a stable open, Treasury yields are up, and the dollar is down. Oil is climbing off the 15-month lows reached during yesterday’s session Credit Suisse shares gained more than 20 percent at the open this morningafter it offered to repurchase debt with up to 50 billion francs borrowed from the Swiss National Bank. The move is expected to...

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