Plummeting exports and business investment did a number on Canada's economy, but that was predictable as November rain in Vancouver. Today’s GDP release is proof that you have to dig below the surface to infer how mortgage rates might react. Hence why we spend extra time dissecting

💡See also: Mortgage Tidbits (below). Thursday’s macro data looked like a Rorschach test for economists—everyone saw what they wanted and yields went nowhere. The real action comes Friday morning, with Canadian GDP and U.S. PCE inflation.

💡See also: Mortgage Tidbits (below). Wednesday featured no major macro drivers. That gave traders extra time to watch the White House try to muscle the Fed, like a backseat driver grabbing the wheel and insisting they know the shortcut.

💡See also: Mortgage Tidbits (below). U.S. bonds staged a rally Tuesday, and some of that momentum drifted north, dragging down our 5-year yield by 2 bps. (Bond prices and yields move inversely.) For now, Canadas remain adrift at sea, awaiting trade or inflation clarity. Until our 5-year bond (now