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The Bank of Canada (BoC) held its policy rate steady last week, as expected.

In its accompanying communications, the Bank held its cards tight to its chest.

It reiterated its previous assessment that its policy rate is now at about the righ...


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Last week Statistics Canada confirmed that our headline Consumer Price Index (CPI) increased by 2.4% on an annualized basis, up from 2.2% in November.

Market watchers had expected an increase last month due to a headwind from base effects, which can occur when prices from a year ago roll out of our CPI data set. (Our CPI only measures price changes over the most recent...


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Last week’s most noteworthy mortgage-rate related update was the release of the latest US inflation data, for December.

The US Consumer Price Index (CPI) held steady at 2.7% on a year-over-year basis last month, in line with consensus expectations.

The CPI rose by 0.3% month-over-month, up from 0.1% in November....


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Last week Statistics Canada estimated that our economy gained 8,200 new jobs in December, belying  the consensus forecast that it would lose 2,500 jobs instead.

The report details were mixed.

For example, our economy added 50,00...


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Welcome back.

We begin 2026 waiting for the other shoe to drop.

Both the Canadian and US economies fared surprisingly well in the second half of 2025 despite tariff headwinds. But stronger-than-expected economic headlines have been tempered by the more detailed economic data from which they are derived.

For example, our GDP prints have been robust, but la...


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