US Commercial Property Update Why have data center REIT prices and asset values diverged? The divergence between data center REIT performance and data center asset values over the last year appears to reflect the high level of uncertainty in the sector. Questions over power constraints... 22nd January 2026 · 4 mins read
Bank of Canada Watch Bank to leave rates unchanged throughout 2026 We think the Bank of Canada will keep interest rates on hold again next week despite the soft data released since December’s meeting, given policymakers’ desire to gain more clarity over the future of... 22nd January 2026 · 8 mins read
US Rapid Response US Personal Income & Spending (Oct. & Nov. 2025) The solid 0.3% m/m gains in real consumption in both October and November confirm that the government shutdown had very little impact on economic activity. Those gains slightly outpaced our prior... 22nd January 2026 · 3 mins read
Commodities Update Trump’s threats strain US-Europe energy relationship Strains in US-Europe relations under President Trump mean that European policymakers may perceive the region’s growing dependence on the US for energy to be a strategic vulnerability. This is not as... 22nd January 2026 · 4 mins read
Capital Daily Are US markets too complacent about political risk? Although our base case is that the recovery in US markets will broadly continue, risk premia remain narrow and the chance of a larger repricing is probably high. 22nd January 2026 · 3 mins read
Capital Daily No Greenland news is good news for markets US-Europe tensions over Greenland, and renewed US policy uncertainty more broadly, has led to speculation of a return of the “sell America” narrative that dominated financial markets in the first half... 21st January 2026 · 5 mins read
US Fed Watch Fed on hold as political attacks ramp up The data released since the FOMC’s December meeting have reduced the potency of both the hawks’ warnings about inflation risks and the doves’ warnings about labour market risks. This reduces the... 21st January 2026 · 9 mins read
US Chart Pack US Chart Pack (Jan. 2026) We see recent strength in AI-related business investment as the start of a multi-year capex boom, driving GDP growth of 3.0% this year and 2.5% in 2027. Despite the economy running hot and labour... 21st January 2026 · 1 min read
US Economics Update Midterms unlikely to slow down Trump The Republicans are likely to lose their majority in the House of Representatives in this November’s midterm elections, but that won’t slow down the President, with Donald Trump continuing to pursue... 20th January 2026 · 4 mins read
US Commercial Property Update At least two more years of divergence between South and West We expect continued divergence in both total non-farm and office-sector job growth across the largest metros over the next two years. Those in the South will continue to significantly outperform the... 20th January 2026 · 3 mins read
Capital Daily Could markets prompt Trump to change his plans for Greenland? The latest triple sell-off in US equities, Treasuries, and the dollar would probably have to become much larger before the ‘guardrails’ of the financial markets prompted Donald Trump to change his... 20th January 2026 · 4 mins read
US Economics Update SCOTUS rulings pivotal for Trump’s second year President Donald Trump’s first year back in the Oval Office was more disruptive than we had expected, marked by attacks on the global trading order, the domestic institutional framework and even the... 20th January 2026 · 5 mins read
Global Economics Update Your questions about tensions over Greenland We hosted an online Drop-In session today to discuss escalating tensions over Greenland and their economic implications. (Recording available here.) This Update provides answers to some of the... 19th January 2026 · 5 mins read
Canada Economics Update Bank's surveys provide mixed messages for GDP and jobs There were some signs of life in the Bank of Canada’s latest quarterly surveys, with the pick-up in the indicator of future sales suggesting that the outlook for GDP growth is much better than the... 19th January 2026 · 3 mins read
Canada Rapid Response Canada Consumer Prices (Dec 2025) The second-consecutive below-target monthly gain in CPI-trim and CPI-median should further reduce speculation that the Bank of Canada will hike interest rates this year. If anything, coupled with the... 19th January 2026 · 2 mins read
Capital Daily First thoughts on Greenland, tariffs & financial markets While the rhetoric around the Trump administration’s interest in Greenland is escalating rapidly, financial markets have taken the return of US-Europe trade tensions over recent days largely in their... 19th January 2026 · 6 mins read
