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 […]
From the Desk of Our CIO
Wake-Up Call: Coffee Prices Hit Record Highs
Canadians were able to breathe a sigh of relief this week after an agreement was reached with the United States that delayed the implementation of tariffs on Canadian imports for 30 days. Not only would the proposed tariff schedule have put a dramatic dent in Canadian economic growth, but Canada was ready to fire back […]
From the Desk of Our CIO
The Art of the (Bad) Deal: North America’s Trade Standoff
In an executive order posted on the White House website Saturday, Donald Trump invoked the International Emergency Economic Powers Act, citing the flow of illicit drugs across the United States’ northern border as the rationale for kicking off what The Wall Street Journal dubbed as “The Dumbest Trade War in History.” The executive order signed by […]
From the Desk of Our CIO
Canada’s Fork in the Road: Adapting to a Shifting Geopolitical Landscape
Financial markets are a complex web of interconnected systems, and while the outcomes may seem simple in hindsight, making sense of the intricacies and the ramifications of political decisions is anything but clear in the heat of the moment. At Viewpoint, we launched our first global multi-asset strategy at the end of 2016, right after […]
From the Desk of Our CIO
From Santa Claus to Krampus: How Rising Yields & Inflation Are Reshaping Markets for 2025
While equity investors enjoyed another strong year of returns, the end of the year finished with a whimper as opposed to a bang. The Santa Clause rally never really materialized as equities chopped sideways throughout December, though with global equities posting a +18% gain on the year in USD terms, wishing for a continued equity […]
From the Desk of Our CIO
Riding the Digital Wave: Bitcoin’s Role in the New Commodity Supercycle
2024 has been an interesting year in commodity markets. As we’ve written about previously, we believe de-globalization and supply chain diversification have kicked off a confluence of supply and demand factors that has initiated a new commodity supercycle. However, this commodity supercycle is likely to be different than the last cycle, which began in the […]
From the Desk of Our CIO
Chocolate Crisis Redux: Should the Easter Bunny Start Hedging?
The cocoa market has been relatively quiet over the past few months, with volatility subsiding from the eye-watering levels in the late spring when the price of cocoa was going parabolic. Although volatility hasn’t completely disappeared, prices have been rangebound between $7,000 and $10,000 per ton as market participants try to gauge how the harvest […]
From the Desk of Our CIO
Steadying the Ship: Scott Bessent’s Vision for U.S. Economic Stability
The Board of Governors of the Federal Reserve (Fed) authors a semi-annual financial stability report that assesses the resilience of the U.S. financial system. Included in the report is a survey of financial market participants regarding what they view as near-term risks to the system, and the most recent update that was released a few […]