July 2026 Market Commentary
The July 2026 Market Commentary confirms that Canada has entered a technical recession, after a second consecutive quarter of negative growth. It also looks at what per capita output and labour force participation say about the economy beneath that headline number.
The commentary then turns to the U.S. Federal Reserve, which held rates steady at its first meeting under new chair Kevin Warsh, and to how the conflict involving the United States, Israel, and Iran has pushed oil prices higher and revived inflation expectations. Further out, the medium to longer term outlook remains constructive, supported by easing central bank policy and productivity gains from artificial intelligence.
To read the full commentary, download the PDF below.