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Latest Research
The U.S. Dollar in 2025: Down, but not out
The U.S. dollar is coming off a difficult year, but concerns that global investors are fleeing it in droves are overblown. The depreciation over the past year still leaves the dollar close to 2024 levels on a trade-weighted basis and in line with its long-term average against many major currencies. Looking ahead to 2026, we see additional downside to the greenback of around 3%.
January 21, 2026
Commentaries
Japan's Bond Market Sell-Off Spreads to the World
Japanese government bond yields soared today in a broad sell-off in long-dated bonds, as the implications of all parties' election promises on government debt became clear to investors. As of writing, the 40-year is up +29 bps to a record high of 4.2%.
January 20, 2026
Updated Publications
Global Quarterly Economic Forecast
Global growth has stood up to trade turmoil better than many feared earlier this year. Even with momentum expected to slow in 2026, it will be to a lesser extent than we expected three months ago. In contrast, the U.S. economy is forecast to gain a step as Fed rate cuts, the OBBBA and regulatory changes provide a tailwind. Canada is also an economy of contrasts. Government initiatives to boost investment are likely to meet some resistance with 2026’s CUSMA review. The Bank of Canada has done its
December 11, 2025
Latest Research
The Days Of Our Lives
Yes, the title of this presentation comes from a famous soap opera. It’s appropriate to depict the past year, full of economic and political drama. We’re on the cusp of closing out 2025, a dramatic 365 days marked by the shifting sands in government policies and corporate behaviors. And this final quarter of the year has brought forward more pivots on both sides of the border that will keep us glued to the next episode. My only hope is that the economic drama doesn’t run sixty-three seasons like
December 04, 2025
Updated Publications
Commodities Quick-Take
Idiosyncratic factors are driving divergences in energy commodities. Oversupplied crude oil markets are weighing on the price outlook, while robust LNG demand has been bidding up natural gas. Base metals prices have been pressured higher following sharp tariff-induced selloffs earlier this year. Still-sluggish global demand will likely be offset by ongoing supply concerns, keeping metals prices on the firm side in 2026.
November 27, 2025
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Updated Publications
Updated Publications
Global Quarterly Economic Forecast
December 11, 2025
Updated Publications
Commodities Quick-Take
November 27, 2025
Updated Publications
Questions? We've Got Answers: Addressing Issues Impacting the Economic and Financial Outlook
November 25, 2025
Updated Publications
G-7 Inflation Update: Energy Prices Erode Spending Power
May 20, 2022
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Updated Publications
Global Quarterly Economic Forecast
December 11, 2025
Updated Publications
Commodities Quick-Take
November 27, 2025
Updated Publications
Questions? We've Got Answers: Addressing Issues Impacting the Economic and Financial Outlook
November 25, 2025
Updated Publications
G-7 Inflation Update: Energy Prices Erode Spending Power
May 20, 2022
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Latest Research
Latest Research
The U.S. Dollar in 2025: Down, but not out
January 21, 2026
Latest Research
The Days Of Our Lives
December 04, 2025
Latest Research
Global Trade Disrupted: Early Impacts of U.S. Tariffs
November 05, 2025
Latest Research
Canadians Need to Think Strategically on Electric Vehicles and China
September 08, 2025
Previous
Next
Latest Research
The U.S. Dollar in 2025: Down, but not out
January 21, 2026
Latest Research
The Days Of Our Lives
December 04, 2025
Latest Research
Global Trade Disrupted: Early Impacts of U.S. Tariffs
November 05, 2025
Latest Research
Canadians Need to Think Strategically on Electric Vehicles and China
September 08, 2025
View more latest research
Commentaries
Commentaries
Japan's Bond Market Sell-Off Spreads to the World
January 20, 2026
Commentaries
U.S. Cuts Its First Trade Deal With UK – More Symbolic than Economic
May 08, 2025
Commentaries
Update on U.S. Steel and Aluminum Tariffs
February 12, 2025
Commentaries
China Stimulus Announcements (September 2024)
September 26, 2024
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Commentaries
Japan's Bond Market Sell-Off Spreads to the World
January 20, 2026
Commentaries
U.S. Cuts Its First Trade Deal With UK – More Symbolic than Economic
May 08, 2025
Commentaries
Update on U.S. Steel and Aluminum Tariffs
February 12, 2025
Commentaries
China Stimulus Announcements (September 2024)
September 26, 2024
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