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Central Bank Independence – Why It Matters For Long-Term Market Stability
Former Federal Reserve Chair Willian McChesney Martin famously said the central bank’s role was to “take away the punch bowl just as the party gets going” – in other words, to tighten policy just as stocks start to boom and the economy risks overheating. For central banks to serve as this counterbalance, they must be…
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A Plan for Real Housing Progress
Over the past two weeks, we’ve explored both the Conservative and Liberal plans for affordable housing. This week, we shift our focus to what a truly comprehensive housing strategy should look like. There are no silver bullets that will immediately solve Canada’s housing crisis. It’s a problem that has been decades in the making —…
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Breaking Down Last Week’s US Bond Market Activity
There have been huge swings in the US stock market lately, but bond markets have not moved as expected. Typically, treasuries benefit during periods of uncertainty, as investors flock to safer assets. However, last Friday saw falling bond prices pushed the benchmark 10-year Treasury yield briefly above 4.5 per cent up, from 3.99 per cent…
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The Conservative Housing Plan – The Difference is in the Details
Last week, we looked at the Liberal Housing Plan. This week, we turn our attention to the Conservative Housing Plan. The Conservatives have outlined five key housing-related priorities: Cutting the GST on new homes Unlocking federal land for housing development Creating incentives for municipalities to accelerate homebuilding Expanding the skilled trades workforce Introducing capital gains…
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Tariffs: America’s Economic Own Goal
Last week, President Trump announced sweeping tariffs—25 per cent on all automotive imports into the US, alongside a blanket 10 per cent tariff on all incoming goods, with some countries facing even steeper “reciprocal tariffs.” The fallout has been swift. In 2023, average tariffs levied by other countries on the US were 4.6 per cent…
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The Liberal Affordable Housing Plan – Lofty Ideas, but Light on Details
The Liberal Party announced its plan to address the affordability crisis, calling it “Canada’s most ambitious housing plan since the Second World War.” The plan aims to increase the rate of residential housing construction to 500,000 units per year over the next decade. The key components of the plan include: Build Canada Homes (BCH): BCH…
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Tariffs Put the Brakes on Economic Recovery
Canadian monthly GDP rose by a solid 0.4 per cent in January, the largest gain in nearly a year, following an upwardly revised 0.3 per cent advance in December (initially reported as +0.2 per cent). The Bank of Canada’s easing measures appeared to be having the desired effect, signalling that the economy was turning a…
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