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Market Commentary

Jobs are the focus today.  Employment numbers are out in both Canada and the United States.  In Canada job growth smashed expectations, expanding by nearly 51,000 last month.  Forecasts had called for an increase of about 8,000.  The unemployment rate remains unchanged at 7.0%.

In the U.S., employers added 236,000 jobs, knocking two points off the unemployment rate.  It now stands at 7.7%, which is the lowest in four years.  Broad-based hiring was led by construction.  January’s numbers were revised significantly downward by 38,000.

North American markets are taking the positive employment news with a grain of salt, opening mixed in a week of mainly upbeat starts.

Bond yields have shot-up 6 – 8 pbs.

Canada’s housing starts for February were up nearly 22,000 to about 181,000.  Urban starts rose 18.4% driven by a 27.7% increase in multiple units

 
Commercial Bond Yields

Canada Mortgage Bond

Canada Housing 06/15/18*: 1.77%

Canada Housing 09/15/23*: 2.54%

* denotes interpolated rate

Select Government of Canada Bonds

CAN 4.25 06/01/18: 1.44%

CAN 1.50 06/01/23: 2.05%

GOC Bonds are for reference purposes only

First National Floating Insured Cost of Funds

1.20%

Bank Prime Rate

3.00%

Posted Rate

1 Year: 3.00%
2 Year: 3.04%
3 Year: 3.65%
4 Year: 4.64%
5 Year: 5.24%

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