Notes from the North: May 2016

Here is a headline from Yahoo! finance today: Markets Go Wild After Fed Puts June Rate Hike in Play.

Wild? The Dow closed down 3 points, the S&P 500 up 0.4 points, oil down 0.9%, and the 10-year Treasury yield rose by 10 basis points (from 1.78% to 1.88%). That was a rather large move for the 10-year, but wild? Not really. This is one of the reasons we value our Canadian macroeconomists at BCA Research so highly. In contrast to internet news sources, the Canadians are thoughtful, understated, and nuanced. This month we summarize a conversation we had recently with one of their senior editors. It helped us put the world in perspective, and we hope it will do the same for you.

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