US Data Response Consumer Prices (Jan.) The 0.5% m/m increase in consumer prices in January suggests that the downward trend in inflation is slowing. But we still expect the disinflationary process to re-accelerate soon, as easing shortages... 14th February 2023 · 2 mins read
US Commercial Property Data Response Commercial Property Lending (Jan.) The expected slowdown in net lending to real estate began to show in January. This was seen across all sectors and the latest Senior Loan Officer survey suggested this will continue, as banks cited a... 13th February 2023 · 2 mins read
Canada Economics Weekly Strong employment won’t force the Bank to do more The surge in employment and rise in hours worked in January suggest that economic activity continued to expand at the start of 2023 and present clear upside risks to our forecasts for GDP growth... 10th February 2023 · 5 mins read
FX Markets Weekly Wrap Dollar edges higher ahead of US CPI data next week The US dollar is set to end the week a touch stronger against most currencies, adding to its gains last week. But, aside from the Japanese yen round-tripping on news over the next BoJ governor, it’s... 10th February 2023 · 11 mins read
Commodities Weekly All eyes on US data next week It was a fairly quiet week in commodities markets, although oil prices rose on concerns about earthquake-related disruption to exports from the Turkish port of Ceyhan and Russia’s announcement of a 0... 10th February 2023 · 6 mins read
US Economics Weekly Markets coming round to the Fed’s view on rates Markets have continued to swing round to the Fed’s view that rate cuts are unlikely this year. We still believe that those cuts are coming, however, as economic growth disappoints and core inflation... 10th February 2023 · 9 mins read
US Housing Market Outlook Slow recovery in sales and further falls in prices Housing market activity is likely to recover only gradually from its current lows, which means we think 2023 will be the weakest year for sales since 2012. Affordability will remain stretched by past... 10th February 2023 · 18 mins read
Canada Data Response Labour Force Survey (Jan.) The surge in employment and rise in hours worked in January suggest that GDP growth will be stronger than we anticipated this quarter. However, the decline in wage growth means that unexpected... 10th February 2023 · 3 mins read
US Commercial Property Update Retail to split as US nears recession Almost three years on from the pandemic, only middle-income households are yet to recover financially. In the face of a looming downturn, we expect this will drive growth for discounters as middle... 10th February 2023 · 3 mins read
Asset Allocation Update How a mild recession might affect S&P 500 sector performance We doubt the recent renewed outperformance of the “big-tech” sectors of the US stock market will continue in the coming months given the prospect of a mild recession, even if TIPS yields fall again. 9th February 2023 · 3 mins read
US Commercial Property Update Growing signs affordability will constrain rental demand We expect stretched affordability and rising unemployment to lead to an increase in rental arrears and evictions in the coming quarters, causing rental household formation to turn negative and... 9th February 2023 · 3 mins read
Capital Daily We think bond yields will fall further despite QT Shrinking central bank balance sheets might push up “term premia” on long-dated government bonds, but we think their yields will nonetheless fall a bit further this year. 9th February 2023 · 7 mins read
Canada Economics Update Services inflation already slowing Overall services price growth has already slowed but, for the Bank of Canada to loosen policy, we will need to see far more convincing signs of lower inflation in the most labour-intensive service... 9th February 2023 · 2 mins read
Canada Rapid Response Bank of Canada Summary of Deliberations (Jan 25) 8th February 2023 · 2 mins read
