Jack Lessel CIM, RIS - CIBC Wood Gundy

06/18/2026

The US Federal Reserve Board (Fed) made its first interest rate decision under new Chair, Kevin Warsh. Despite expectations of Warsh leaning towards lower interest rates, the Fed unanimously elected to hold interest rates steady at a fourth straight meeting.

Fed officials were divided on the path of interest rates this year but said they are committed to price stability. With US labour markets appearing to have strengthened in recent months, the Fed appears focused on monitoring inflationary pressures.

06/17/2026

Housing data released in Canada and the US this week painted a mixed picture of residential real estate. In Canada, home sales gained momentum in May after a sluggish start to the year, while construction activity softened.

South of the border, US housing starts dropped sharply in May, missing expectations by a wide margin. Taken together, the data suggest that demand for housing is building, but supply faces growing headwinds.

06/16/2026

Industrial production reports released Monday showed manufacturing momentum slowed on both sides of the Atlantic. In the US, factory output slid significantly in May after four straight months of gains, as rising energy and supply-chain costs tied to the conflict in the Middle East began weighing more visibly on activity.

A similar, yet milder, picture emerged in Europe, where industrial output also fell short of expectations.

06/15/2026

Investors enter the week with the conflict in the Middle East persisting and inflationary pressures building on both sides of the Canada-US border. After the Bank of Canada (BoC) held its policy interest rate steady and the European Central Bank raised its deposit rate last week, attention now shifts to the US Federal Reserve Board’s (Fed’s) interest-rate announcement midweek.

Here in Canada, fresh readings on housing activity and consumer spending will offer clues on how households are coping with higher prices.

06/12/2026

Prices charged by US producers accelerated in May, according to the US Bureau of Labor Statistics, as the conflict in the Middle East continues to push up energy and transportation costs.

Yesterday’s report came one day after fresh data on US consumer prices, and together the two reports suggest companies are starting to pass higher costs on to consumers.

06/11/2026

The Bank of Canada (BoC) again left its benchmark overnight interest rate unchanged yesterday. The decision came as Canada’s economy faces competing pressures, with weak economic activity on one side and rising energy prices stemming from the conflict in the Middle East on the other.

Rather than commit to a certain path, the BoC said it’s keeping its options open as it watches how energy prices and trade tensions play out.

06/10/2026

Canada’s latest international merchandise trade data was released by Statistics Canada, and the results offered positive news for the Canadian economy. Exports climbed to a record high in April, helping push Canada’s trade surplus well above March levels.

The ongoing conflict in the Middle East continued to play a key role, keeping energy prices elevated and global demand for Canadian oil and natural gas strong. The data also showed continued progress on the US trade front, despite the backdrop of US tariffs.

06/09/2026

Statistics Canada reported Friday that Canada’s labour market rebounded sharply in May, adding far more jobs than analysts had expected. The strong result comes just days before the Bank of Canada’s (BoC’s) interest-rate decision on June 10, adding a new variable to an already complicated policy picture.

06/08/2026

With tensions in the Middle East persisting, markets continue to analyze the movement of consumer prices and how it may impact consumer and business activity, along with the global economy. This week, a couple of major central banks, including the Bank of Canada (BoC), will make their interest-rate decisions.

Markets will carefully analyze what they say about prices and how it is impacting their domestic economies. In addition to central bank actions, here’s what else to look for this week.

06/05/2026

Did you know economic and market performance can impact all aspects of your wealth plan from cash flow management to your investment strategy?

In the latest Weekly Market Roundup, our partners at CIBC Global Asset Management discuss recent economic data and how the markets reacted this week. If you’d like to discuss this commentary or have questions about your investment portfolio, please get in touch with me anytime.

Economic data The US economy has mastered the art of selective hearing. Trade war? Didn’t catch that.