Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CANADA
- Desjardins now see the Canadian economy with two consecutive of output contractions at the start of 2023 plus a rise in the unemployment rate, albeit a relatively short and shallow recession.
- The call came later in the session but tallies with the solid bull flattening seen so far, with 2YY -2.3bps and 10YY -8.5bps to push 2s10s to -46bps, back within circa 10bps from recent post-1990 lows.
- The driving force is a deep housing market correction, with a more prolonged drag from real estate than with the 2008-09 financial crisis, spilling over to domestic demand.
- They join increasingly negative local analysts, with RBC first calling for a moderate technical recession in 2023 back in early July, TD’s Chief Economist yesterday seeing a coin toss between a soft landing or shallow recession (but little prospect for a deep recession) and Tony Bonen, a labour market adviser to federal and provincial governments, telling MNI how Canada more likely faces a recession than a wage spiral.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok