MONTHLY BOND LETTER

The U.S. economy remains resilient despite the various shocks it has faced, but it is resting on increasingly fragile foundations. We discuss this topic and others in this edition of our Monthly Bond Letter.

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The aggregate indicators depict an American economy that remains fairly resilient, but a more in-depth analysis reveals a two-speed economy. Which reality will prevail? We address this topic and others in this edition of our Monthly Bond Report. 

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The Federal Reserve has resumed monetary easing after a nine-month hiatus. We cover this topic, along with several others, in this issue of Monthly.

Political pressure is mounting on the Federal Reserve to lower the policy rate, which could call into question the central bank’s valuable independence. We discuss this topic, along with others, in our Monthly Bond Letter.

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The multiple tariff threats followed by retreats whenever financial markets reacted negatively earned Trump the nickname TACO. We cover this topic and more in our Monthly Bond Letter.

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The American president has announced the details of Liberation Day. We are therefore entering a new economic era where cooperation with Western allies is a thing of the past—at least from the United States' perspective. We discuss this topic and others in our Monthly Bond Letter.

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After just a few days back in office, the new tenant of the White House has completely overturned the economic order in North America. We cover this and other topics in our Monthly Bond Letter.
 

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Beyond unpredictable geopolitical factors, the U.S. economy could face several possible trajectories next year. We address this topic and others in this edition of our Monthly Bond Letter.

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Barring a deterioration in economic conditions, the Bank of Canada likely announced its final interest rate cut in October. Set at 2.25%, the rate is considered appropriate to keep inflation on target. We discuss this topic, along with several others, in our Monthly Bond Letter.

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The slowdown in the labor market opens the door for the Federal Reserve to resume its monetary easing in September. We address this topic and others in our Monthly Bond Letter.

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After a few challenging months in rolling out its economic plan, the Trump administration can finally celebrate a legislative victory. The president succeeded in passing his budget plan (One Big Beautiful Bill) through Congress. We cover this topic and more in this edition of our Monthly Bond Letter.

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It took less than 100 days for the Trump administration to upend the world order, notably with the announcement of its reciprocal tariffs on Liberation Day. We cover this topic and more in our Monthly Bond Letter.

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The new US administration has launched a trade war with its business partners. What are the short- and medium-term implications of this conflict? We cover this and other topics in our Monthly Bond Letter.

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The Bank of Canada aggressively cut its policy rate in December, while the Fed changed its approach to the direction of monetary policy. We cover this and other topics in our Monthly Bond Letter.

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