The Bank of Canada shocked markets with a 100bps rate hike, the largest rate hike since 1998. Variable rate mortgages are going up and we could soon see fixed payment mortgages get triggered with sudden payment increases. Meanwhile, the USD continues to be the global wrecking ball as investors take a risk-off stance.

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Fixed Mortgage rates appear to have finally peaked and are now moving lower as markets price in an economic recession. The first major Canadian bank has now unveiled a recession call for 2023, will the other banks follow? Energy prices, rampant food inflation, and government policy are creating social unrest as protests break out across parts of the world.

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Latest data from the Atlanta Fed is suggesting we might already be in a recession. Meanwhile, home sales continue to slow in suburban housing markets, and stresses are rising in the corporate bond market with spreads widening to levels last seen in 2018 when the Fed was forced to pivot. Happy Canada Day Loonie Hour Community!

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Canada's inflation rate ripped higher once again, hitting 7.7% year-over-year and surpassing market expectations yet the 5 year bond yield fell on the news and has been declining in recent weeks. Have we seen a top in bond yields? Price action across commodities also suggests the inflation story may now be transitioning to an economic slowdown.

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The Bank of Canada Threatens To Break The Housing Market

The Federal Reserve raises rates by 75bps the largest rate hike since 1994. The Swiss National Bank also shocked with a 50bps rate hike. Sovereign debt bubbles are now facing immense pressure, particularly in Europe and Japan. The crypto market is imploding and the tech sell-off continues. Canadian Real Estate prices fall for second consecutive month.

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More hawkish rhetoric from the Bank of Canada as they prep for another rate hike. Mortgage rates in Canada are now at their hightest levels in 2008 and some banks are pulling the cord. Meanwhile, the Euro Zone preps for to hike rates to zero as inflation surges.

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The Bank of Canada raised interest rates another 50bps this week. They remain very hawkish and suggest that interest rates may need to go north of 3% in order to get inflation down. Meanwhile, housing in Canada continues to slow. Financial repression continues in Europe and debt forgiveness in the United States.

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The boys predict what the Bank of Canada will do at their meeting next week. Oil prices continue to strain global markets and governments are reacting as expected with helicopter money and taxes on corporate profits.

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Inflation in Canada ticket higher once again, running at three decade highs. Food and shelter inflation is also increasing, creating social and political pressures. The Canadian housing market continues to slow.

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All hell has broken loose in the crypto market. One of the most popular Crypto projects, Luna, has basically gone to zero. Losses are piling up, but not just in crypto. Year to date, $35 trillion of global market value has been erased. Dollar pegs are under pressure across the world as we get closer to a financial accident. This episode was recorded live in Vancouver!

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