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Daily Market Commentary

There is very little to write about this morning.

The Federal Reserve begins its two day chinwag with the market saying that there is an 80% chance of a 25 basis point cut in the Fed Funds Rate with accompanying language to suggest the Fed will pause for an extended period.

There is a school of thought that the Bank of Canada may cut our Bank Rate aggressively in an attempt to bring the Loonie back to earth. Such a development would also require a serious downdraft in commodity prices, a possibility.

There is continued improvement in credit spreads especially in corporates.The TED spread remains elevated at the 170 level and should begin to moderate from there.

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