Canada Economics Update Housing Watch (May) House prices rose by even more than we anticipated in April and the sales-to-new listing ratio points to further gains ahead. Housing starts also jumped last month, but the rising inventory of newly... 15th May 2023 · 4 mins read
US Economics Focus A closer look at the Fed’s favourite inflation gauge The resilience of PCE core services ex-housing inflation is only partly due to the strength of labour market conditions, and other factors are likely to play an important role in driving it lower over... 15th May 2023 · 15 mins read
US Commercial Property Data Response Commercial Property Lending (Apr.) Net commercial real estate (CRE) lending slowed sharply once again in April. Lending against all commercial sectors turned negative for the first time in nearly six years, and with little in the way... 15th May 2023 · 3 mins read
Canada Economics Weekly Lending standards tightening, but only modestly The Bank of Canada’s first-quarter Senior Loan Officer Survey (SLOS) showed a sharp tightening of mortgage lending standards, but we already know that has not been enough to prevent a resurgence in... 12th May 2023 · 7 mins read
US Economics Weekly Sticky core inflation; debt ceiling stand-off continues The April CPI release showed core inflation still remains elevated, but that won't prompt the Fed to resume hiking interest rates when the debt ceiling stand-off looks set to go down to the wire early... 12th May 2023 · 7 mins read
US Commercial Property Update Manufacturing will boom while incentives last The sharp rise in US manufacturing construction over the past two years is likely to continue into the medium term as firms take advantage of favourable government incentives. But as these expire... 12th May 2023 · 4 mins read
DM Valuations Monitor Global Markets Valuations Monitor (May 2023) This revamped Global Markets Valuations Monitor combines and replaces our previous DM Valuations Monitor and EM Valuations Monitor publications. 12th May 2023 · 1 min read
Energy Data Response US Weekly Petroleum Status Report Today’s stocks report showed a rise in commercial crude inventories last week, confounding analyst expectations of a drawdown. However, total stocks fell, which helps to explain why oil prices have... 10th May 2023 · 2 mins read
US Housing Market Chart Pack Housing market resilient to banking sector turmoil The US housing market has been largely unaffected by the banking sector turmoil. Indeed, buyer sentiment rose to an 11-month high in April and activity appears to have bottomed out. Tighter credit... 10th May 2023 · 10 mins read
US Data Response Consumer Prices (Apr.) The 0.4% m/m gains in headline and core consumer prices in April leaves core inflation at 5.5%, broadly unchanged from its level at the start of this year, further illustrating that the previous... 10th May 2023 · 3 mins read
US Commercial Property Update Affordability adds downside risk to big 6 apartments We think migration patterns of footloose workers will continue to play the largest role in driving the rental outlook across metros. But rent as a share of income will also have a bearing, weighing on... 9th May 2023 · 4 mins read
US Economics Update SLOOS shows banks tightening credit conditions The recent turmoil in the banking sector doesn’t appear to have triggered a severe further tightening in credit conditions, but since lending standards were already being tightened to a degree only... 8th May 2023 · 2 mins read
Capital Daily We still think Treasury yields and the S&P 500 will fall this year Despite today’s stronger-than-expected US non-farm payrolls report, we continue to think that the 10-year Treasury yield and S&P 500 will fall over the next couple of quarters. 5th May 2023 · 8 mins read
