Energy Data Response US Weekly Petroleum Status Report There were hefty falls in both crude and petroleum product stocks, reflecting closed production capacity due to damage caused by Hurricane Ida. Implied gasoline demand also dropped back but it is... 15th September 2021 · 2 mins read
US Fed Watch Fed still preparing ground for QE taper We think the sharp slowdown in employment growth in August and broader signs of weakness in the incoming activity data mean the Fed will hold off formally announcing a QE taper at its September... 15th September 2021 · 8 mins read
US Data Response Industrial Production (Aug.) The 0.4% m/m rise in industrial production in August lifted it back above its pre-pandemic peak, but was nevertheless weaker than we had expected and suggests that the industrial recovery is losing... 15th September 2021 · 2 mins read
Canada Data Response Consumer Prices (Aug.) Inflation rose by more than expected last month but, with the gain mainly due to the ongoing supply disruptions, the Bank of Canada will remain comfortable with its view that elevated inflation is... 15th September 2021 · 2 mins read
US Housing Market Update New apartments will start to get larger soon Apartments kept getting smaller in the second quarter of this year, with the median floor space of units falling to under 1,000 sq. ft., the lowest since records began in 1999. That trend seems at... 14th September 2021 · 3 mins read
US Data Response Consumer Prices (Aug.) The more modest 0.1% m/m increase in core consumer prices in August will be heralded as a sign that the recent surge in inflation was transitory after all but, although the spread of the Delta variant... 14th September 2021 · 2 mins read
Canada Data Response Manufacturing Sales (Jul.) Manufacturing sales fell in July and the renewed closures of auto plants across the continent, and the recent falls in some commodity prices, mean they are unlikely to recover strongly any time soon. 14th September 2021 · 2 mins read
US Economics Update Delta not the main factor weighing on growth With authorities having shown no appetite to reimpose restrictions on activity and new virus cases now levelling off, the Delta variant is still unlikely to have as big an impact on the economy as... 13th September 2021 · 4 mins read
OPEC Watch OPEC Monthly Oil Market Report (Sep.) The rise in OPEC’s oil output fell well short of its target in August. And given a higher oil demand forecast for 2022, alongside growing external pressure, we think that the risks are tilting towards... 13th September 2021 · 3 mins read
US Commercial Property Data Response Commercial Property Lending (Aug.) All real estate sectors saw growth in outstanding debt for the second consecutive month in August. What’s more, the third consecutive monthly increase in commercial real estate debt of more than $10bn... 10th September 2021 · 2 mins read
FX Markets Weekly Wrap Dollar rebound looks unconvincing After weakening over the preceding two weeks, the US dollar has rebounded against most other currencies this week. Nonetheless, last week’s disappointing payrolls report and the slightly less upbeat... 10th September 2021 · 9 mins read
US Commercial Property Outlook Retail on the cusp of a recovery This quarter there are short-term upgrades to all four major sector forecasts for 2021 on the back of strong investor demand for assets, which is driving up prices. Those upgrades mean that returns in... 10th September 2021 · 23 mins read
Commodities Weekly More of the same Commodity markets have been relatively quiet over the last few weeks, with many prices trading in a narrow range. There are a few exceptions, most notably the prices of natural gas and coal, which... 10th September 2021 · 5 mins read
Canada Economics Weekly Policymakers in focus The speech by Governor Tiff Macklem this week suggests that, when the Bank of Canada next tapers its asset purchases, it may do so by less than is commonly assumed. 10th September 2021 · 6 mins read
US Economics Weekly Labour market shortages getting worse Tapering is off the table this month and whether the Fed will make an announcement before year-end depends on the strength of employment, which is being held back by increasingly acute labour... 10th September 2021 · 7 mins read
Canada Data Response Labour Force Survey (Aug.) The easing of coronavirus restrictions helped drive a 90,000 increase in employment in August, but the unchanged level of hours worked is further evidence that third-quarter GDP growth is likely to be... 10th September 2021 · 2 mins read
