Economic Reports

Daily Update (Source: RBC Financial Group)
Fed stands pat as expected, signals coming balance sheet normalization
Our Take:
Jul 26, 2017
Expectations for this week's meeting were low and the Fed delivered on that with no rate change and a policy statement that was very similar to June's. The sole development was a change in language on balance sheet normalization though that was not a surprise. The Fed is now indicating that the planned change in their reinvestment policy, which was outlined in June, will begin "relatively soon." We think today's guidance sets up for tapering to be announced in September and implemented in October. The pace of tapering laid out by policymakers is gradual but nonetheless we think the Fed will want to ....     More >>
Weekly Commentary
A Comeback for Global Trade? - Jul 20, 2017
By Peter G. Hall, Vice-President and Chief Economist, Export Development Canada
It has been a dreary decade for international trade. From the heights in 2008, global trade flows plunged, staged a quick partial revival, then went into a holding pattern from then until now. In terms of trade intensity, we are far from what we used to be, and many are resigned to our current state as a permanent new normal. The debate on the future of trade has reached a fever pitch, and resulted in a lot of public acrimony. In the context of trade's track record and the public backlash against its supporting architecture, is a comeback even possible?
Broadly-based disappointment in trade performance is understandable. After all, hopes were so high that in a world of static and even declining populations, the spread of trade would include masses of new consumers and increase productivity through globalization of supply ...     More >>
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