Canadian mortgage rates aren't just moved by domestic inflation but by U.S. inflation too, especially by the Fed's favourite core PCE measure. On that note, today's April core PCE numbers hit the Street's target with the precision of a Swiss watchmaker:

It's been getting harder for banks to make money, as evidenced by today's rare RBC profit miss. A big culprit is the evolving economic forecast, one which now reads "more dreary with a chance of defaults." That's leading banks like RBC to

Bond yields did a quick jig upward after last night's court challenge of Trump tariffs (those tariffs were reinstated during appeal less than 24 hours later). Rates subsequently reversed course and headed south the moment Thursday's economic data hit the wire. Here's more on

Late Wednesday, a U.S. trade court ruled several of Trump's tariffs unconstitutional. At first glance, this looks like a win for Canada. The court slapped an injunction on most tariffs (more on that). However, the automotive, steel and aluminum duties survive, according to Capital Economics. Before the