From the Desk of Our CIO
Fragile Victory, Fragile Markets: Canada’s Political Shift in Focus
Canadians headed to the polls on Monday and handed the Liberal Party a fourth consecutive election victory. While the comeback seemed unthinkable earlier this year, the narrow margin of victory leaves the Liberals with a weaker mandate than pre-election polling had forecasted. Heading into election night, aggregated polling data gave the Liberals a 65% chance […]
From the Desk of Our CIO
From Safe Haven to Shaky Ground: The U.S. Bond Market Flashes Warning Signs
While the initial shock from the April 2nd “Liberation Day” tariff announcement has subsided, markets remain stuck on a rollercoaster of policy uncertainty. Headlines continue to drive intraday volatility as investors try to make sense of shifting trade rules—new tariff categories, exemptions, and delays—all of which muddy the outlook for corporate earnings. Not only are […]
From the Desk of Our CIO
Liberation Day or Detonation Day? Markets Rattle as Tariffs Roar
Given the events that transpired this week, it seems suitable to lead with one of Vladimir Lenin’s famous quotes: “There are decades where nothing happens; and there are weeks where decades happen.” What was dubbed by the U.S. administration as “Liberation Day” on April 2nd will go down in history as the day the U.S. […]
From the Desk of Our CIO
Strategic Metal, Strategic Moment: Copper at the Heart of Geopolitical Tensions
After dropping into correction territory earlier this month, U.S. equities have stabilized somewhat, finding some support on the hopes of a less aggressive rollout of wider U.S. tariffs next week and a Federal Open Market Committee (FOMC) meeting where Federal Reserve (Fed) Chairman Jerome Powell downplayed some of the mounting concerns around a slowdown […]
From the Desk of Our CIO
Canada’s Crossroads: An Upcoming Election to Ignite a New Economic Era
In what has already been a rollercoaster of a year, Canadians will be heading to the ballot boxes in a little over a month, with the aim of electing a leader to shepherd the country through an extremely tumultuous period. Not only is Canada in the midst of a trade war with one of […]
From the Desk of Our CIO
U.S. Hits the Brakes, Germany Hits the Accelerator
Is the U.S. economy on the verge of a major reset? As the U.S. administration continues to signal a shift toward fiscal discipline aimed at fostering a more entrepreneurial, pro-business environment, warnings of a short-term growth shock are permeating through financials markets. Last Friday’s February Non-Farm Payroll Report, though not disastrous, hinted at a […]
From the Desk of Our CIO
Fiscal Detox: How Spending Cuts and the Mar-a-Lago Accord Are Reshaping U.S. Economic Outlook
The prevailing narrative in markets heading into the new year was that U.S. economic activity was rebounding after a bit of a soft patch and set to accelerate with the incoming Trump administration. The economic policy platform of the new administration was viewed as pro-growth and fiscally stimulative, with tax cuts likely to further […]
From the Desk of Our CIO
Metal Mayhem: Tariff Uncertainty Permeates Through Commodity Markets
Hardly a day goes by without a new headline surrounding U.S. trade policy, with the result being an ever-increasing list of potential tariffs on U.S. trading partners. The next few weeks are unlikely to offer any reprieve from headline-induced shocks, with the delay of across-the-board tariffs originally imposed on Canada and Mexico set to […]
From the Desk of Our CIO
Trump, Taxes, & Treasuries: The Market’s Reaction to Fiscal Policy
The 10-year U.S. Treasury yield might seem like just another data point in the vast sea of financial indicators, but in reality, it’s one of the most influential numbers in the global economy. It dictates everything from mortgage rates to corporate borrowing costs, influences stock market valuations, and even foreshadows the prospects for economic […]