The article discusses various economic news and market trends. Here are some key points:
- Interest Rates: The Bank of Canada is expected to begin cutting interest rates this spring, with Deloitte predicting that the economy will return to growth in the second half of 2024.
- Market Trends: Stock markets steadied after a bruising start to the year, with US equity futures climbing and Europe’s Stoxx 600 adding 0.4%. Oil prices continued their surge due to supply concerns.
- Economic Data: The S&P Global Manufacturing PMI for December will be released today, along with various economic reports from the United States, including the Challenger layoff report, ADP national employment report, and initial jobless claims.
- Bank of Canada: Deloitte’s economic outlook report predicts that the Bank of Canada will hold its key rate steady at five percent for now, but expects interest rates to return to pre-pandemic lows by 2025.
- Market Outlook: The market is positioning itself well for 2024, with Rosenberg stating that the market is expected to hold up well.
Overall, the article suggests that the economy is poised for growth later this year, and that interest rate cuts are on the horizon. However, it also notes that momentum in the economy and job market is still recovering from higher interest rates.
