Through the end of November, the largest foreign holders of U.S. debt were Japan at $1.09 trillion, China at $768 billion and the U.K. at $765 billion. … READ MORE >
Federal Reserve
Job growth cools in January amid revisions to labor force estimate
The tailwind in the American economy resulted in 143,000 jobs added in January and a decline in the jobless rate to 4%. … READ MORE >
Labor demand cools in December
Job openings fell to 7.6 million from 8.2 million in November, near the pre-pandemic level and providing the Fed with more relief regarding wage pressure on inflation. … READ MORE >
Even with pause, Trump’s tariffs and Canada’s response establish volatile new economic reality
While a reprieve on tariffs may be welcomed, the back-and-forth between the U.S. and Canada laid bare Canada’s economic vulnerability amid ongoing political volatility. … READ MORE >
U.S. households show robust gains on spending and income
Robust income and spending gains continue to underscore a strong economy that is benefiting not only from real income gains but also from rising equity and home prices. … READ MORE >
Robust household consumption supports 2.3% GDP growth
We expect growth this year to expand at a 2.5% pace with risk of a quicker pace of expansion—above 3%—as the economy continues to outperform its global peers. … READ MORE >
Fed pauses rate cuts as inflation flattens out and policy changes loom
The Fed’s decisions set up an inevitable clash with President Trump, who is on record as wanting lower rates in contrast with the hawkish pause adopted by the Fed. … READ MORE >
Bank of Canada cuts key interest rate to 3% amid price stability, trade policy uncertainty
The Bank of Canada cut its key interest rate to three per cent, but tariff uncertainty looms over Canada’s economic outlook and clouds the future rate path. … READ MORE >
Morning market minute: The questions that Powell will not want to answer
Jerome Powell’s answers to questions about trade and fiscal policy will drive volatility given the sensitivity of the U.S. 10-year Treasury yield and the American dollar to growing policy uncertainty. … READ MORE >
Strong core business spending hints at another robust GDP report
American business spending on core equipment came in higher than forecast in December, with both orders and shipments pointing to strong growth to end the year. … READ MORE >