Our southern neighbour saw initial jobless claims surge on Thursday, stealing the spotlight from U.S. inflation. And the latter rose in its own right—by the most in seven months.

💡See also: Mortgage Tidbits (below). Wednesday's eye-opening pullback in U.S. wholesale prices bolstered expectations of Fed cuts. Attention now swivels to Thursday’s U.S. CPI. It’s the last piece of the inflation puzzle before Team Powell sets the path for the planet’s most-watched policy

💡See also: Mortgage Tidbits (below). Tuesday was Dullsville in Canada's rate market. Traders resigned themselves to the sidelines, waiting for more interesting data. Unfortunately, today's revised U.S. jobs numbers did nothing to assuage their concerns.