The bond market has sold off a little this morning on the back of mixed data out of the US. Inflation numbers for December (core of +2.2% yoy) were low and in line with expectations, while Housing Starts (also December) of 657k were well below the 680k expected and a fraction of the average level of nearly 1.5MM over the past 40+ years
The above are, of course, neutral to slightly negative, but r...isk appetite has received a big boost this morning by the US Initial Jobless Claims number for last week, which – at 352,000 – was well below the 384,000 the market expected. This reading has now remained below 400,000 for several months, and is the lowest such reading since April 2008.
For completeness, Canadian Manufacturing Shipments for November grew slightly more than expected.
Keep your eyes open for Canadian CPI numbers out tomorrow morning as they give us a refresh on how much wiggle room Mark Carney has to keep overnight rates low or even take them lower if need be.
The above are, of course, neutral to slightly negative, but r...isk appetite has received a big boost this morning by the US Initial Jobless Claims number for last week, which – at 352,000 – was well below the 384,000 the market expected. This reading has now remained below 400,000 for several months, and is the lowest such reading since April 2008.
For completeness, Canadian Manufacturing Shipments for November grew slightly more than expected.
Keep your eyes open for Canadian CPI numbers out tomorrow morning as they give us a refresh on how much wiggle room Mark Carney has to keep overnight rates low or even take them lower if need be.
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