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North American Central Bank Leaders Speak Today

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US investors appear to be sitting on their hands this morning, reluctant to make any significant commitments ahead of this afternoons Fed News. The central bank’s monetary policy decision, statement, and member projections are due at 2:00 pm EDT, followed by Chair Powell’s press conference at 2:30 pm EDT.

In the wake of mixed inflation, employment and retail sales numbers out of the US over the last couple of weeks, plus previous comments from FOMC members, the Fed appears likely to continue its current stimulus program indefinitely. Investors may look to the statement and projections (inflation, GDP, unemployment and the fed funds rate dot plot) for any hints as to whether inflation is a concern and if there are any changes in tone.

Bank of Canada Governor Macklem is scheduled to speak at 6:30 pm EDT, which investors may look to for insights about the hot Canadian housing markets, the impact of recent lockdowns, and the prospects for a summer rebound as provinces start to reopen. Inflation may also be a topic of interest after Canadian consumer prices increased more than expected in May (3.6% vs street 3.5% and previous 3.4%).    

On the political side, US President Biden and Russian President Putin are holding a summit meeting but unless there is a major surprise, for investors, this meeting is likely to be overshadowed by the central bank news.

A few earnings reports of note came out overnight. Highlights include: Oracle ($1.54 vs street $1.31) and furniture maket La-Z-Boy ($0.87 vs street $0.74) beating expectations.

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Disclaimer: SIA Wealth Management Inc. (SIAWM) specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investor’s investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIAWM nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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At SIA Wealth Management everything we do is based on Relative Strength Analysis. We evaluate the Relative Strength between asset classes giving us insight into money flows on a large scale, and from this select top ranked investments.

Colin Cieszynski, Chief Market Strategist
Market Commentary:

Colin Cieszynski, CFA, CMT
Chief Market Strategist
ccieszynski@siawm.com
+1 (647) 282-4428

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