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The US CPI fell 1 % last month, the greatest ever decline and it appears likely that inflation will continue retreating for many months. You can start the deflation watch now and begin counting the number of references to it in the media!!

 There continue to be signs of credit thawing as corporate bond issues are getting done, albeit at very wide spreads. Provincial bonds remain very cheap and are a must for any ladder.
I have updated the charts this morning. The technical condition of the market has improved dramatically in the past week or two as the onslaught of slipping economic news continues.
BOC Governor Carney, in a speech today, comments on the worsening outlook, leaving little doubt that there will be another 100 to 150 basis points cut in the bank rate.

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