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CAD

31 May 2024

Cooling US Prices Halt Dollar’s Advance

The Federal Reserve’s preferred inflation measure came in as forecast in April, but underlying price pressures cooled, slightly raising odds on an easing cycle beginning in the autumn months. Data released by the Bureau of Economic Analysis this morning showed the core personal consumption expenditures index rising 0.3 percent in April from the prior month, matching market forecasts. On a year over year basis, base effects saw core price growth stabilising at 2.8 percent, the same as in March, aligning with economist estimates. The overall personal consumption expenditures index was up 0.3 percent from the prior month, 2.7 percent higher...

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31 May 2024

Slowing US Economy Contributes to Downbeat Mood

Bad news is bad news again. Stock markets, Treasury yields, and the dollar all declined yesterday when revised data showed the US economy expanding by less than initially estimated in the first quarter. Gross domestic product rose at a 1.3 annualised rate in the first three months of the year, sharply lower than the 1.6 percent originally calculated, and much slower than than the 3.4-percent pace hit in the last quarter of 2023. An inflation measure was also revised down to 3.3 percent from 3.4 percent, and household spending, a critical driver of overall growth, was marked down to 2...

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30 May 2024

Market Retreat Continues as Yields Climb

Worries about a higher-for-longer stance from the Federal Reserve are intersecting with extraordinarily-elevated levels of government bond issuance to drive yields higher, bolstering the dollar’s safe-haven appeal. With ten-year yields climbing across the developed economies, but moving even faster in the United States, the greenback is trading near a two-week peak, and investors are rebalancing away from equities, commodities, and risk-sensitive currencies. After a series of stronger-than-expected data releases and hawkish comments from Fed officials, markets are struggling to choke down heavy volumes of bond supply. In comments yesterday, the Atlanta Fed’s relatively-centrist President Raphael Bostic said “My outlook is...

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29 May 2024

Hawkish Kashkari Comments Pour Cold Water on Markets

The dollar is advancing, yields are higher, and equity futures are in retreat as more overt hawkishness from a Fed official weighs on global risk sentiment. Markets tumbled yesterday morning when Minneapolis Fed President Neel Kashkari – doing his best to become the new Jim Bullard – suggested that further rate hikes remained a possibility. Speaking at a monetary policy forum in London, Kashkari said “the odds of us raising rates are quite low,” but “we could stay on hold for an indefinite period of time, and “I don’t think anyone has totally taken rate increases off the table”. Kashkari’s...

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28 May 2024

Market Momentum Fades After US Long Weekend

The dollar is holding steady, Treasury yields are essentially unchanged, and equity futures are edging higher as US market participants return from the Memorial Day long weekend. Both the pound and euro are trading near the tops of their respective trading ranges as economic growth prospects brighten and expected yield trajectories edge higher. A series of data releases over the last month have provided evidence of a bottoming in both economies, with last week’s purchasing manager indices delivering the clearest view yet into the improvement in sentiment that could underpin growth in the manufacturing and services sectors. The European Central...

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