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The Big Banks

The Chartered banks defied the Bank of Canada and only lowered their prime lending rate by only 25 basis points in a clearly collusive move.It is likely that Governor Carney twisted their arms severely to get them to cut at all. Talk about an oligopoly!

With equities catching a bid this morning, bond prices are sagging, especially at the short end of the curve.

There are a few signs of modest improvement in certain credit conditions but nothing to get excited about yet.

Continue to monitor US efforts to stabilize the housing market there. They will continue to search for a solution to end the foreclosure rout and to establish some kind of floor for housing prices.

That will be the key item to occur before we can hit bottom.

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