Canada's economy needs stormy weather before the sun can shine. And on Friday, we got some dark clouds. Our economy shrunk, and joblessness surged below the border. For all anyone knows, Canada may already be in the midst of a technical recession (defined as two consecutive quarters of negative growth)

The Bank of Canada isn't in the habit of hiking, pausing, hiking, pausing and hiking some more. If the past is any guide, it prefers to make necessary adjustments to monetary policy in tight bunches.

Headline inflation was a welcome surprise this morning, landing at 2.8% versus the 3% consensus. Just 12 months ago, it was hitting horrifying 4-decade highs of 8.1% Today's average core reading was less impressive, however. It eased only 1/10th to 3.8%. Until core descends into the