💡See also: Mortgage Tidbits (below). 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.

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

💡See also: Mortgage Tidbits (below) 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.

💡See also: • Underlying Inflation Stays Hot, Yet Rate Cut Odds Stay Hotter • Mortgage Tidbits (below). 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