💡See also: Mortgage Tidbits (below). The highlight of Monday’s economic theatre was the Bank of Canada’s expectations surveys, which could have been better (more on that below). Meanwhile, down in Washington, Federal Reserve officials are still wandering the policy wilderness without a data compass, thanks to day twenty

Markets ended last week acting like they’d just read two different scripts—one bullish, one dovish, and both missing a few pages.

💡See also: Mortgage Tidbits (below). It was shades of 2023 as regional U.S. banks came under scrutiny again. That, plus dovish central bank chatter and soft macro data, led rates onto the down escalator Thursday. And by Friday morning, yields were still slipping.

Wednesday was one of those days when bad news was good news, at least if you’re a mortgage shopper. Between the weak data, factory closures, and federal bailouts, traders could practically hear the Bank of Canada rummaging through its drawers for the rate-cut shears.