Last week's double rate cuts left North American 5-year yields unwilling to price in any further easing. Canada's 5-year managed a heroic slide of just 2 basis points, compared to the week before the cuts.

If you make a living in mortgages, your life is basically one long juggling act with prospecting, client service and admin work all demanding to be the priority.

To many, the daily minutiae of economics feel like noise they can do without. We get it. But here's why that assumption should be revisited, why following the macro beat is critical to mortgage revenue generation.

Reverberations from Wednesday's policy rate changes remain surprisingly muted, and the reason is simple: the macro road ahead is foggy, and central banks' headlines don't work. Policymakers have become slaves to data releases—even more so than usual. That could leave rates somewhat adrift until next Friday's (September 26's) core PCE and Canadian GDP.

Floating mortgage rates got a haircut on Wednesday, but fixed-rate funding costs went the other direction. That's not unusual in the latter stages of rate cut cycles, especially when core inflation treats policy targets as optional.

Welp, people might not be able to afford steak at the grocery store anymore, but at least floating borrowing costs dropped.

So now that the overwhelmingly anticipated 25-beep cut arrived on cue, what does the BoC have planned for an encore?

Here's some visibility on that, plus nine key nuggets from today's announcement.
​ ​ ​

"Downside risks to employment" led to a quarter-point Fed cut today. That was foreseen.

What markets didn't know is how the Fed views future rates. Here's what they revealed:
​ ​ ​

Tuesday's inflation data was quickly shelved as traders prepared for whatever cryptic pronouncements the BoC and Fed might deliver come Wednesday's press circus. We all share essentially the same data as central bankers, so surprises should be limited. Nevertheless, one sideways comment can still move yields double digits.