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Monthly Archives: July 2024

Weekly Update for the week ending July 26, 2024

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As expected, the Bank of Canada (BoC) cut its interest rate by 0.25% on Wednesday, marking the second consecutive rate reduction. The rate now sits at 4.5%. This decision was driven by weakening consumer spending and economic growth, including rising unemployment and declining job creation. As well, inflation continues to decline and is now within the BoC’s target range of 1% to 3%. BoC Governor Tiff Macklem indicated a potential for further rate cuts if inflation continues to decline. The bank is now forecasting inflation to reach 2.4% by the end of the year.

Let’s take a closer look at what this means for Canadians.

Weekly Update for the week ending July 19, 2024

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This past week, many of the big-name mega-cap technology companies (companies with market capitalization exceeding $200 billion which represents the total value of all outstanding shares) that have driven the indexes to record heights all year long lost favour with investors. In fact, much of this past week’s declines can be attributed to these same companies. This includes Alphabet (NASD: GOOGL), Amazon.com (NASD: AMZN), Apple (NASD: AAPL), Microsoft (NASD: MSFT) and Nvidia (NASD: NVDA).

Weekly Update for the week ending July 12, 2024

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Mr. Powell goes to Washington In a week of high anticipation, US Federal Reserve (Fed) Chair Jerome Powell took center stage in Congress, providing crucial updates on the future of rate cuts. During his Senate testimony on Tuesday, Powell expressed optimism as inflation approached the Fed’s 2% target, signaling potential for future rate cuts. He […]