Insights · Commentary
Market commentary and perspective from Chief Investment Officer Scott Smith.
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 […]
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 Febru
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 stimulat
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 origi
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
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
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 Trad
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 str
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
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 likel
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 to
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