The Canadian Index

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Bar chart showing Canada's monthly real GDP growth from July 2025 through the June 2026 advance estimate.

Canadian economic growth has come in well ahead of the Bank of Canada's own forecast heading into its September 2 rate decision. Second quarter GDP is tracking a 3.4 percent annualized pace, against the Bank's 2.5 percent projection, a sharp turnaround from the first quarter's contraction. The Government of Canada 5-year bond yield climbed 20 basis points in July to 3.26 percent as markets priced in reduced odds of a near-term rate cut.

This chart is presented for general informational purposes only and does not constitute financial, investment, tax, or legal advice. Figures reflect the source and period indicated and may no longer be current.

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Line chart tracking the market-implied probability the US Federal Reserve holds rates steady in September 2026.

Market-implied odds that the US Federal Reserve holds its benchmark rate steady in September rose to about 60%, up from roughly one in three a week earlier.

The Fed's Three Dissenters Wanted a Hike. Canada's Data Made Their Case, America's Broke It.

August 10, 2026

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Line chart showing WTI crude oil jumping 16.4 percent since its July 6 low after the Hormuz blockade resumed.

WTI reversed three weeks of decline in just two trading sessions after the US reinstated its naval blockade of Iranian ports on July 13.

Two Central Banks Report to the Public This Morning, and They Are Reading the Same Oil Shock Differently

July 15, 2026

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Line chart showing the Government of Canada five-year bond yield climbing through August and September.

Canadian headline inflation held at 3.0 percent year over year in August, matching July, but the underlying number worsened: inflation…

The Bond Market Already Moved Before the Bank of Canada Has To

September 21, 2026

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Line chart of the TSX Composite over the week the Fed hiked rates and the Bank of Canada held.

Two G7 central banks moved in opposite directions the week of September 15: the Federal Reserve raised its policy rate a quarter point to…

The Week the Bank of Canada's Own Rate Stopped Setting Canadian Borrowing Costs

September 19, 2026

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Line chart showing the gap between Bank of Canada and Federal Reserve policy rates narrowing from 250 to 150 basis points.

The gap between the Bank of Canada's and the US Federal Reserve's policy rates has narrowed sharply since January 2025, as the two central…

The BoC and the Fed Have Stopped Moving Together, and Oil Is the Reason Why

September 11, 2026

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Line chart showing the five-year Government of Canada bond yield climbing to a five-week high of 3.43 percent.

The five-year Government of Canada bond yield, the benchmark Canadian lenders use to price fixed mortgage offers, has climbed 21 basis points off its August low to a five-week high.

The Bond Market Just Handed 2026 Mortgage Renewals a Harder Number

September 14, 2026

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