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Daily Market Commentary

Today's headline increase of .9% has reinforced fears that inflation is not moderating and in fact may be accelerating. It is evident that steadily rising fuel prices are being passed on. The core rate was as expected at +.2 % and the year over year core rate edged up to 1.6%. At the same time, initial jobless claims stayed very low at 311k, underscoring the buoyancy of the US labour market.

 

The bond market, after edging higher overnight, sold off and is testing the all important 5.25% level.

 

 In Canada, Bank of Canada Governor Dodge is musing out loud about his concerns for the Canadian economy as a result of the soaring currency but is leaving little doubt that he will raise the Bank Rate in July. Wall Street consensus is for the Fed to leave rates alone for the rest of the year. Tomorrow's CPI could add more fuel to the smoldering inflation fire.

 



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