Rate markets ended last week with just enough hope to annoy the pessimists. The optimism came from Chair Powell, who hinted that America's wobbling job market and "restrictive" rates "may warrant" Fed easing. That's despite "upside" inflation risk. His remarks

💡See also: Mortgage Tidbits (below). Canadian rates nudged higher ahead of the most critical report of the month: domestic CPI. Bay Street expects the key inflation gauges to keep drifting apart, with a: * 1-tick slowdown in headline inflation to 1.8% (prior 1.9%) * ½-tick acceleration in average core inflation

💡See also: Mortgage Tidbits (below). Last week's Canadian macro calendar was enough to put people to sleep. On Tuesday, however, we get a wake-up call: July CPI. Traders will be locked on the data, waiting to see if Canada's price level momentum speeds up further—as