August forced every narrative through one filter: the cost of money. Strong earnings and resilient activity ran up against four linked concerns: dependence on the AI capital-spending cycle, energy-driven inflation risk, a renewed Canada–U.S. trade conflict, and the rising cost of financing large government deficits. New Federal Reserve (Fed) Chair Kevin Warsh sharpened it at Jackson Hole on Aug 28: he gave no steer on rates, called commodity strength an upside inflation risk to watch, and pushed back on forward guidance. Markets were left to price a still-hawkish hold with the 30-year Treasury near a two-decade high. For Canadian investors, the mix was relatively supportive. The domestic market leans on financials, energy, and materials. However, Canada is not insulated: weaker U.S. tech leadership, higher global yields or renewed trade friction spill in quickly.
Thanksgiving holiday weekend closures
Our branches will be closed on Saturday, October 10 and Monday, October 12 for the Thanksgiving holiday. Our Member Service Centre, Member Solutions Team and Personal Assisted Teller services will be available from 8 a.m. to 5 p.m. on October 10 should you need anything.