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30 01, 2024

Alternative Quarterly Commentary – Q4 2023

2024-01-30T20:35:25+00:00By |Categories: Alternative Commentaries, Commentaries|

During the fourth quarter of 2023, the MacNicol Investment Team continued to observe a widening gap between the inflation expectations of market participants and both voting and non-voting central bank officials. Catalyzing our concerns that financial markets may have “jumped to conclusions” when it comes to interest rates and a labor market that stands 200 basis points below its long-term (ex-COVID) average and fiscal profligacy that underpins a situation where government spending is leading to unsustainable levels of debt and deficit.

12 12, 2023

December Monthly Commentary

2023-12-14T17:27:44+00:00By |Categories: Alternative Commentaries, Commentaries|

In terms of the labor market, job creation has been weak, and vacancies declined further. This led to a slight uptick in the unemployment rate even as wages are still rising by about 4%. More visible job actions at the Canadian banks and other larger companies offer a slanted view on labor as they gain a disproportionate amount of attention from the media.

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