Canada Economics Update Canada Housing Watch (Dec.) New listings fell in November but, because they are taking longer to sell, the inventory of homes for sale continued to rise. That is one reason to expect house prices to fall further, particularly if... 15th December 2022 · 4 mins read
US Data Response Retail Sales & Industrial Production (Nov.) The 0.6% m/m falls in retail sales and manufacturing output in November suggest that the economy has lost some serious momentum, with the resilience of consumers to much higher interest rates starting... 15th December 2022 · 2 mins read
US Commercial Property Update The World in 2023: Property prices to plunge Property markets rebounded strongly after 2020, in part boosted by favourable structural shifts brought on by the pandemic. But they have hit the buffers in recent months. And fortunes are likely to... 15th December 2022 · 4 mins read
US Economics Update The Fed strikes back Despite the increasingly compelling evidence that core inflation will fall sharply next year, the Fed doubled down on its hawkishness today. We now expect two 25bp hikes from the Fed next year, with... 14th December 2022 · 3 mins read
Canada Economics Update What could go wrong in 2023? As several forecasters now seem to share our view that the economy will suffer a moderate recession next year, in this Update we discuss the risks that could result in a much deeper downturn. 14th December 2022 · 3 mins read
US Housing Market Chart Pack Sales to remain weak, despite fall in mortgage rates A fall in mortgage rates from 20-year highs supported the first rise in home purchase demand in eight months in November. Given that mortgage rates are likely to continue to trend lower from here... 14th December 2022 · 10 mins read
Canada Data Response Manufacturing Sales (Oct.) The strong rise in manufacturing sales in October was largely due to a jump in refined petroleum prices. Manufacturing sales volumes were unchanged and the business surveys point to outright falls... 14th December 2022 · 2 mins read
US Commercial Property Update Blackstone and Starwood symptoms rather than causes On the face of it, the news of unlisted REITs reaching redemptions limits suggests cause for concern as it could point to forced sales over the coming months. However, both BREIT and SREIT have solid... 13th December 2022 · 3 mins read
Capital Daily We don’t think US disinflation will prevent a drop in US equities The weaker US inflation data released today have bolstered our view that Treasury yields will drop a bit between now and the end of next year. But we still think that growing fears of a recession will... 13th December 2022 · 6 mins read
US Economics Update Wage growth slowdown to drive inflation even lower Despite some mixed signals in the recent data, we still expect the tentative easing of labour market conditions already seen to push wage growth lower soon, with that slowdown gathering pace as... 13th December 2022 · 2 mins read
US Data Response Consumer Prices (Nov.) The Fed will still hike its policy rate by 50bp tomorrow and the new projections could show the peak in rates above 5%, but the 0.2% m/m increase in core consumer prices in November provides strong... 13th December 2022 · 2 mins read
Capital Daily We think the rally in DM government bond is mostly behind us With nominal bond yields having fallen considerably over the past month, we think there is now less scope for developed market government bonds to rally over the next couple of years. 12th December 2022 · 5 mins read
