Russell Morrison CIM® FCSI®

Portfolio Manager with @iaprivatewealth

[BNN Bloomberg @BNNBloomberg]

#BREAKING: Statistics Canada says real GDP down 0.1% in April as manufacturing slowed https://t.co/jOwXpiZLC8

[BNN Bloomberg @BNNBloomberg]

Economists expect end of consumer carbon price pulled down April inflation to 1.6% https://t.co/PZIx6Dhv2x

[Nick Timiraos @NickTimiraos]

Total nonfarm payroll employment increased by 177,000 in April, and the unemployment rate was unchanged at 4.2%.

Revisions lowered payroll growth by 58,000 for February and March.

The economy has added 193,167 jobs per month, on average, over the last six months.

[Russell Morrison CIM® FCSI® @RussMorrisonIA]

Manulife tops profit estimates on strong performance at Canadian and Asia units, boosts dividend /via @globeandmail... "The company also announced a 9.6 per cent dividend increase."

https://t.co/06mFKnZK91

[TC Energy @TCEnergy]

Today, we shared strong fourth quarter 2023 results, reporting record operating & financial results for the year. For the 24th consecutive year, our Board increased the quarterly dividend.

Learn more: https://t.co/xf42hddXIb

$TRP #TCEnergy @nyse @tsx_tsxv #TSX #Q4

[Russell Morrison CIM® FCSI® @RussMorrisonIA]

The S&P 500 nears an all-time high of 5,000 points (now above 5000) and the U.S. credit cycle gives us good reason to be optimistic in 2024. Our weekly economic update from @SebMcMahon_IA #iaPrivateWealth
https://t.co/uLSmj4iFlw

[Russell Morrison CIM® FCSI® @RussMorrisonIA]

The Federal Reserve is also ready to cut, but not just yet, and the U.S. economy seems to be reaccelerating. Our weekly economic review from @SebMcMahon_IA #iaPrivateWealth
https://t.co/yIhRoZApfM

[Federal Reserve @federalreserve]

WATCH LIVE TODAY: Press conference with #FOMC Chair Powell at 2:30 p.m. ET: https://t.co/1uJrua5Yif
https://t.co/FJa6TblbC1

[Nick Timiraos @NickTimiraos]

Rates unchanged

FOMC statement gets a big rewrite.

Tightening bias gone, but in a way that says a cut isn’t necessarily imminent.

“The Committee does not expect it will be appropriate” to cut “until it has gained greater confidence that inflation is moving sustainably" to 2%

[Nick Timiraos @NickTimiraos]

“Over the past year, a team of about 20 Bank of Canada economists, aided by other staff researchers, have been working on a major overhaul of the bank’s workhorse macroeconomic models.”

[The Wall Street Journal @WSJ]

Breaking: Federal Reserve officials held rates steady and projected they could cut them three times next year amid a faster-than-expected drop in inflation https://t.co/ii5ldib5V4 https://t.co/ii5ldib5V4

[Nick Timiraos @NickTimiraos]

FOMC holds rates steady and retains a weak tightening bias in the statement

FOMC median projection of 3 rate cuts for 2024

[Charlie Bilello @charliebilello]

More evidence of cooling inflation...

US Producer Prices were flat in November and increased just 0.9% over the last year.

[iA Financial Group @IAcanada]

📣 📈iA Financial Group is ranked 7th out of 219 companies in this year's Board Games published by The Globe and Mail.

This year, iA Financial Group scored 94%. In 2022, iA ranked 22nd with a score of 91%.👏

[Nick Timiraos @NickTimiraos]

The Fed holds rates steady.

12 officials pencil in one more hike this year; 7 are ready to pause

The median participant projects two cuts in 2024.

[Nick Timiraos @NickTimiraos]

The Bank of Canada held its policy rate steady at 5% after increases at its prior two meetings

BoC "remains concerned about the persistence of underlying inflationary pressures, and is prepared to increase the policy interest rate further if needed." https://t.co/2BAqwOm83x

[Russell Morrison CIM® FCSI® @RussMorrisonIA]

Economic surprises in the United States are increasingly less positive, and the coming months could be more difficult for U.S. households. Our latest from IA's @SebMcMahon_IA #iaPrivateWealth

https://t.co/QbPtGuj60K

[Lisa Abramowicz @lisaabramowicz1]

US 10-year yields hit 4.2%, the highest level since November and just 4bp away from an October level that was the highest since 2007.

[Charlie Bilello @charliebilello]

Mexico is now the #1 trading partner with the US, followed by Canada. China, which held the top spot from 2015-2018 and again in 2020, has dropped down to third place.

https://t.co/gyuElshRMy

[Nick Timiraos @NickTimiraos]

The summer of disinflation continues.

The consumer price index rose 0.17% in July from June, or 3.18% from a year ago.

The CPI was up 1.9% over the three months thru July at an annualized rate and up 2.6% over the last six months at an annualized rate.