Previous Trading Days Events 25.06.2024

Inflation in Canada turned surprisingly to the upside in May, after showing signs of an almost consistent cooling since the start of the year. The annual inflation rate accelerated to 2.9 in May from 2.7 a month ago. The Bank of Canada, which cut interest rates for the first time in four years this month, has repeatedly maintained that the path towards further easing of rates would be datadependent.

No bones about it, this is not what the Bank of Canada wanted to see at this point, and clearly shaves the odds of a followup July rate cut, said Douglas Porter, chief economist at BMO Capital Markets, adding that the next rate cut is likely to be in September.

We suspect an abundance of caution will see the next move land in September, matching the timing of the first rate cut from the Federal Reserve, said Karl Schamotta, chief market strategist at Corpay.

Source httpswww.reuters.commarketsinflationcanadaunexpectedlyspedupmaycloudingjulyratecutchances20240625

U.S. consumer confidence eased in June amid worries about the economic outlook. The Conference Boards consumer confidence index dipped to 100.4 this month from a downwardly revised 101.3 in May. Important to note that consumers perceived likelihood of a recession over the next 12 months retreated this month after rising in April and May.

The drop in confidence was concentrated in the 3554 age group. Confidence improved among consumers under 35 and those 55 years and…