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CAD

19 Dec 2023

Markets turn more cautious on Fed pivot

Markets are turning in a mixed performance this morning as continued optimism surrounding the prospect of a soft landing in the US economy intersects with deepening concern among market veterans over the extent to which positioning has become overstretched. Equity futures are pointing to a modestly-softer open, Treasury yields are slipping, and the dollar is holding steady. Oil prices are holding near two-week highs on the prospect of continued disruption along the Red Sea shipping route. A series of attacks by Iran-backed Houthi militias based in Yemen have forced major shipping companies to reroute cargoes out of the area, with...

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14 Dec 2023

Christmas comes early to financial markets

The dollar plunged yesterday when the policy elves at the world’s most powerful central bank met markets halfway, indicating they expect to cut rates at least three times next year, and four times in 2025. Perhaps more importantly, a jolly Jerome Powell chose not to fight back against an ongoing loosening in financial conditions in the post-meeting press conference, instead pointing to a series of indicators showing the economy achieving a soft landing and suggesting inflation could come down without a rise in unemployment. Some of the fervour is cooling this morning, but not much. With markets now pricing in...

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13 Dec 2023

Markets wait to exhale

Equity futures are setting up for a positive open, Treasury yields are flat across the curve, and the dollar is holding steady ahead of this afternoon’s Federal Reserve decision. Yesterday’s November inflation report showed price growth levelling off well below post-Covid highs, while also remaining above the Fed’s comfort threshold. Underlying inflation accelerated on a month-over-month basis, and the so-called “supercore” measure—core services excluding shelter costs—often mentioned by Jerome Powell, climbed at an annualized 5.2 percent. According to a separate report, real earnings climbed 0.8-percent in the year to November. This doesn’t mean that progress in reducing inflation is reversing—the...

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12 Dec 2023

Dollar fades into inflation print

Treasury yields are down, equity futures are up, and the dollar is retreating as traders take positions ahead of this morning’s inflation report. Economists think core consumer prices accelerated modestly while the headline measure remained broadly unchanged last month, giving the Federal Reserve room to begin unwinding its tight policy settings. Yesterday, the New York Fed’s November Survey of Consumer Expectations showed year-ahead inflation expectations falling by 0.2 percent to 3.4 percent, marking the lowest reading since April 2021. The yen is softer after bets on an abrupt change in the Bank of Japan’s policy framework suffered another setback last...

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11 Dec 2023

Busy week beckons

Investors are kicking off the penultimate markets week of 2023 in a cautiously-optimistic fashion. Equity futures are pointing up, Treasury yields are incrementally higher, and the dollar is moving sideways amid mixed trading conditions. The Japanese yen is the only big mover on currency markets, trading with a decidedly-weaker bias this morning after a media report suggested a big policy change was unlikely to come at next week’s meeting. Citing “people familiar with the matter,” Bloomberg said officials weren’t yet seeing the evidence of the sustained rise in wage growth needed to generate higher inflation over the long run. According...

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