MONTHLY BOND LETTER

Shipping companies can attest, the last stage of delivery - the last few miles to the final destination - is the most expensive and complex. This is also the case for central banks with their inflation targets. We cover this and other topics in our Monthly Bond Letter.

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Central banks believe that inflation and employment risks are more balanced, but it is still too early to ease financial conditions. We cover this and other topics in our Monthly Bond Letter.

The bond market's performance in November was worthy of a crisis episode, yet no one is talking about a US recession anytime soon. You'll find more details in this month's issue.

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Between raising rates further and risking a recession, and keeping them high for an extended period, central banks preferred the second option. What are the consequences of this decision? We cover this and other topics in our Monthly Bond Letter.

The recession everyone was expecting in 2023 keeps being postponed, as the economy proves more resilient than expected. We cover this and other topics in our Monthly Bond Letter.

133 days after declaring a pause, the Bank of Canada decided in early June that it was time to resume monetary tightening to alleviate inflationary pressures. We cover this and other topics in our Monthly Bond Letter.

It's still difficult and too early to assess the economic impact of the US regional banking crisis, but parallels with 2008 are inappropriate. We cover this and other topics in this issue of the Monthly.

The Fed's desired soft landing for the economy does not appear to be happening. The plane has approached the runway, but the wheels have not yet touched the tarmac before the plane is airborne again. We cover this and other topics in our Monthly Bond Letter.

Investors who were betting on a hard landing for the US economy are now expecting a soft landing, or perhaps no landing at all. We cover this and other topics in our Monthly Bond Letter.

The transition period in monetary policy is beginning. With inflation slowing, the hawkish tone of central banks has given way to greater flexibility. Some are maintaining the status quo, but others are talking about cuts in 2024. We cover this and other topics in our Monthly Bond Letter.

Investors are expecting a rate cut in the fisrt half next year, because in their assessment, a descent begins once the peak is reached. For central banks, the status quo after the peak is an essential step towards long-term price stability. We cover this and other topics in our Monthly Bond Letter.

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There may still be some minor adjustments to be made, but the period of rising key rates is drawing to an end. Have central banks raised rates too much? Will they make a U-turn soon? We cover these and other topics in our Monthly Bond Letter.

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Over the past year, Canada's population has grown by more than 1.2 million or 3.1%, mainly due to immigration. What are the implications of this growth for our economy and monetary policy? We cover this and other topics in our Monthly Bond Letter.

The global economy is showing some signs of slowing at the end of the quarter. Is this enough to cause central banks to pivot towards rate cuts? This and other topics are discussed in our Monthly Bond Letter.

The economy is stronger than expected, the job market shows no signs of slowing down and inflation is proving to be more persistent and difficult to control. What does this mean for investors? We cover this and other topics in our Monthly Bond Letter.