U.S. tariffs on some Canadian goods were delayed, again, in a familiar-yet-concerning development in the ongoing trade dispute. This latest pause, which is in place until April 2, applies to tariffs on goods covered under the Canada-United States-Mexico Agreement (CUSMA). Canada's economic outlook ... READ MORE >
USA
Marketing and advertising firms focus on growth, efficiency and innovation on Q4 earnings calls
The marketing and advertising industry has shown remarkable resilience and adaptability in the face of evolving market dynamics. On fourth-quarter earnings calls, firms focused on three key themes: strategic acquisitions and integrations, operational efficiency and cost management, and client-centric ... READ MORE >
Market minute: Job growth, unemployment and federal contractors
We expect the U.S. jobs report for February to show a net increase in employment of 160,000 and an unemployment rate of 4% when the data is released on Friday. Average hourly earnings are expected to increase by 0.3% on the month and by 4.1% from one year ago. The data will not provide any ... READ MORE >
February capital markets roundup: Blockchain, digital assets, strategic partnerships
Blockchain, digital assets, client experience and strategic partnerships were prominent themes for the capital markets industry in February. These trends will continue to be a driving force when capital markets organizations are determining their strategies and operations for the rest of 2025 and beyond. ... READ MORE >
Market minute: Goods deflation, food inflation and a lack of exemptions
Consumers set their inflation expectations based on a range of factors. Exposure to price signals like groceries and gasoline, central bank communications, lifetime experiences and economic sentiment are but a few of the factors that shape individual behavior and determine inflation expectations. The ... READ MORE >
U.S. tariffs and their impact on growth and inflation
The new administration has the primary goal of narrowing the United States’ trade and current account deficits, which have continued to grow. To do this, the administration has imposed trade taxes on the United States’ three largest trading partners—Canada, China and Mexico. Together, those three ... READ MORE >
U.S. tariffs promise volatility, recession for Canada
Canada’s economic landscape is set to change dramatically as U.S. tariffs take effect. A recession is anticipated this year if the tariffs and retaliatory measures remain in place. Effective Tuesday, there is a 25 per cent tariff on most Canadian goods entering the U.S., while Canadian energy products ... READ MORE >
Defense buildup in Europe points to a broader fiscal realignment
Significantly increased defense spending in Britain and Europe implies that a broader fiscal realignment could take place. On Tuesday, the European Union announced $158 billion in loans to bolster defense spending and proposed activating a fiscal escape clause that would allow countries to spend $685 ... READ MORE >
Market minute: The volatility smile in a time of trade disruption
One way to understand the financial impact of policy uncertainty is to look at the implied volatility of important bilateral currency pairs in the price of options. This dynamic is seen in a curve known as the dollar volatility smile, which shows how the American dollar can strengthen against another ... READ MORE >
Manufacturing prices rise in February amid higher tariffs
The impact of new tariffs and the anticipation of new ones on imported goods, especially raw inputs, showed up in the ISM Manufacturing data for February with the prices paid subindex rising to the highest level since June 2022. The subindex rose to 62.4 from 54.9 in the prior month, the Institute for ... READ MORE >