Trump’s re-election on November 5^th poses a complex scenario for the U.S. and global markets. The prospect of an escalation of trade wars is likely to depress corporate investment while lowering real household disposable income, as tariffs are passed on to the consumer in the form of rising prices.  It is anticipated that fiscal spending will remain elevated under Trump. Post Covid evidence suggests that superior U.S. economic performance has benefited from significant deficits. A continuation could be helpful in countering the contractionary impact of high interest rates, supporting job-creation, investment, economic growth, and real incomes. On the geopolitical front, Trump and a large portion of the House Republican Conference will likely scale back aid to the Ukraine. Iran is also likely to come under increased pressure. In November we maintained the twelve-month forward outlook to reflect our view for Growth (U.S. Real GDP growth greater than 2.5%) over the next twelve- month period, in response to the strong U.S. annualized 2.8% growth. We will review this positioning when definitive Trump policies are formalized.

China’s annual inflation rate stood at 0.3%,¹ while China’s surveyed unemployment rate fell to 5% in October 2024.² The Eurozone GDP expanded 0.4% on quarter in Q3 2024.³ Annual inflation in the Euro Area accelerated to 2% in October.⁴

The U.S. economy expanded an annualized 2.8% in Q3 2024, compared to 3% in Q2. It was boosted by a 5.6% surge in consumption of goods and a robust spending on services.⁵ The CPI in the U.S. increased 0.2% month-over-month in October,⁶ while the unemployment rate in the United States was at 4.1% in October.⁷ The trade deficit in the U.S. widened to $84.4 billion in September. Exports declined 1.2% while imports increased 3%.⁸ The Canadian GDP expanded by 0.3% from the earlier quarter in the three months to September of 2024.⁹ The annual inflation rate in Canada rose to 2% in October,¹⁰ while the unemployment rate in Canada was at 6.5%.¹¹ Canadian exports marginally declined by 0.1% in September. Among destinations, sales decreased to Mexico (-14.5%), the United Kingdom (-25.9%), South Korea (-10.5%), and the Netherlands (-9.5%), while it increased to Japan (+13.4%), Germany (+28.2%) and India (+17.1%). Imports to Canada fell by 0.4% over a month to CAD 65.2 billion in September. Among key trading partners, imports from the U.S., which is 60% of all Canadian imports, increased by 0.8%. Imports from countries other than the U.S. declined by 2.3% in September.¹²

As U.S. equity markets braced for the results of the Presidential election, the S&P 500 declined by 0.9%, mid-caps declined by 0.7%, and small caps by 2.6%. U.S. markets kicked off November with an upbeat reaction to the Presidential election, amid a backdrop of robust economic data and mixed Q3 corporate earnings results. Despite a mid month pullback, the S&P 500 Index recovered to post its biggest monthly gain of the year, up 6% in November. Canadian equities finished the month on the upside. The S&P/TSX Composite increased 0.9%. The S&P Europe 350 dropped 2.1% in October, while Pan Asia equities fell, and local currencies depreciated against the US dollar on the back of the rising U.S. rates. The S&P Pan Asia BMI (USD) closed the month 4.5% down.

In November, we maintained all exposures held in October. Sectors benefiting from the Trump presidency, aligned with his policies that favour deregulation and tax reforms include energy (oil, gas, and coal), defense, financial services, infrastructure, manufacturing, and healthcare. We continue to maintain short duration U.S. fixed income exposure as yields are expected to respond to renewed inflation. Gold is held across all models as a long-term strategic asset. The U.S. election results have led to a set-back in gold’s impressive 2024 rally due to continued strengthening in bond yields and the US dollar, risk-on sentiment in equity markets, and the hope of some resolution of geopolitical tensions. Central bank holdings of gold reserves remain strong as the primary incentive is investing for security over returns.

We are headed to a world where protectionism is to be elevated. With equity markets heavily concentrated and fully valued, and with cryptocurrencies not fully embraced and not a replacement for gold, we stand by our view that volatility is best managed using our top-down focus.  Our approach to portfolio management is nimble, opportunistic, and deliberate in identifying asset classes that are best placed to generate returns in a new world order. Our focus is on protecting portfolios from downside risk, and we believe that our investment process is working to achieve that goal.

Deborah Frame, President and CIO

Drew Millard, Portfolio Manager

¹ Trading Economics. China Inflation. November 9, 2024.

² Trading Economics. China Unemployment. November 15, 2024.

³ Trading Economics. Europe GDP. November 14, 2024.

⁴ Trading Economics. Europe Inflation. November 19, 2024.

⁵ Trading Economics. U.S. GDP. November 27, 2024.

⁶ Trading Economics. U.S. Inflation. November 13, 2024.

⁷ Trading Economics. U.S. Unemployment. November 1, 2024.

⁸ Trading Economics. U.S. Trade. November 5, 2024.

⁹ Trading Economics. Canada GDP. November 29, 2024.

¹⁰ Trading Economics. Canada Inflation. November 19, 2024.

¹¹ Trading Economics. Canada Unemployment. November 8, 2024.

¹² Trading Economics. Canada Trade. November 5, 2024.

Index return data from Bloomberg and S&P Dow Jones Indices Index Dashboard: U.S., Canada, Europe, Asia, Fixed Income. October 31, 2024. Index performance is based on total returns and expressed in the local currency of the index.

The world is changing rapidly and in ways that can be hard to predict. The frequency of unexpected political and economic shocks has accelerated. Heightened geopolitical risks favour assets that are considered safe havens such as the US dollar, Swiss franc, Treasuries, and gold. The US dollar remains the world’s reserve currency. In September we maintained the FGAM U.S. twelve-month forward outlook to reflect our view for Growth (U.S. Real GDP growth greater than 2.5%) over the next twelve- month period, in response to the strong U.S. annualized 3.0% growth. 

China’s annual inflation rate edged up to 0.6% in August 2024 from 0.5% in July,¹ while their surveyed unemployment rate was at 5.3% in August.² The GDP in the Eurozone expanded 0.6% year-on-year in the second quarter of 2024. Exports were up 1.7% while imports declined 1.1%.³ Annual inflation rate in the Eurozone eased to 2.2% in August 2024,⁴ while unemployment in the Euro Area decreased to 6.4% in July from 6.5% in June of 2024.⁵

Final sales of domestic product in the United States increased an annualized 2.2% in the second quarter of 2024, accelerating from the 1.8% in the first quarter and above the flash estimate of a 2% growth.⁶ The annual inflation rate in the U.S. slowed for a fifth consecutive month to 2.5% in August 2024,⁷ while the unemployment rate in the United States eased to 4.2% in August of 2024.⁸ The trade deficit in the U.S. widened to $78.8 billion in July 2024. Exports increased 0.5% while imports soared 2.1%, the highest value since March 2022. The deficit with China increased as exports decreased $1.0 billion to $11.5 billion and imports were up $3.9 billion to $38.7 billion. The trade gap with Canada also widened by $3.0 billion to $7.6 billion, as exports fell and imports rose.⁹ The Canadian economy advanced by 0.5% in the second quarter of 2024. On an annualized basis, Canadian GDP grew by 2.1% in Q2.¹⁰ The annual inflation rate in Canada decelerated for the third month to hit 2% in August 2024, reaching the central bank’s target for the first time in over three years,¹¹ while the unemployment rate in Canada rose to 6.6% in August of 2024 from 6.4% in the earlier month.¹² Canada recorded a trade surplus of CAD 0.68 billion in July as exports dropped by 0.4% to CAD 65.7 billion and imports fell by 1.7% to CAD 65 billion.¹³

Optimism surrounding a soft landing and encouraging inflation results led U.S. large cap equities to finish August with a gain of 2.4%. The S&P Mid Cap and the S&P Small Cap were down 0.1% and 1.4% respectively. Canadian equities finished the month on the upside with the S&P/TSX Composite up 1.2%.  The S&P Europe 350 recovered the 6% drop it suffered in the first three trading days of August to close the month up 1.6%. All but one of 16 countries contributed positively to the pan-European equity returns this month, with Portugal the only detractor.

In September we maintained the asset allocation from August. This reflects our expectation of a broader recovery across all market capitalizations as the U.S. economy strengthens. We continue to maintain short duration U.S. fixed income exposure as we are in early growth with interest rates in the U.S. holding at current levels. Gold is held across all models as a long-term strategic asset as it will continue to benefit our portfolio models at this transition point from Stagnation to Growth.

Fiscal policy and electoral cycles will continue to dominate our outlook. While geopolitical turmoil leads to greater volatility, history has shown that periods of volatility create the opportunity to deploy capital in asset allocations that recognise the nature of the economic environment.  Our twelve- month forward outlook will continue to monitor the size and scale of the U.S. budget deficit, coupled with the substantial Treasury debt issuance required to address it. Our approach to portfolio management is nimble, opportunistic, and deliberate in identifying asset classes that are best placed to generate returns in a new world order. Our focus is on protecting portfolios from downside risk, and we believe that our investment process is working to achieve that goal.

Deborah Frame, President and CIO

Drew Millard, Portfolio Manager

¹ Trading Economics. China Inflation. September 9, 2024.

² Trading Economics. China Unemployment. September 14, 2024.

³ Trading Economics. EU GDP. September 6, 2024.

⁴ Trading Economics. EU Inflation. September 18, 2024.

⁵ Trading Economics. EU Unemployment. August 30, 2024.

⁶ Trading Economics. U.S. GDP. August 29, 2024.

⁷ Trading Economics. U. S. Inflation. September 11, 2024.

⁸ Trading Economics. U.S. Unemployment. September 6, 2024.

⁹ Trading Economics. U.S. Trade. September 4, 2024.

¹⁰ Trading Economics. Canada GDP. August 30, 2024.

¹¹ Trading Economics. Canada Inflation. September 17, 2024.

¹² Trading Economics. Canada Unemployment. September 6, 2024.

¹³ Trading Economics. Canada Trade. September 4, 2024.

Index return data from Bloomberg and S&P Dow Jones Indices Index Dashboard: U.S., Canada, Europe, Asia, Fixed Income. August 31, 2024. Index performance is based on total returns and expressed in the local currency of the index.

The FOMC met on June 11th, holding interest rates unchanged and maintaining the 2024 outlook of a 4.0% unemployment rate while expecting inflation to decline to 2.6% at year-end 2024 and to be 2.3% at year-end 2025. The U.S. market has continued to support a delaying Fed, as the economy and profits continue to grow, while accepting geopolitical issues (Gaza, Ukraine, foreign election shifts) and the uncertainty around the pending U.S. election. Meanwhile, the Bank of Canada lowered interest rates by 0.25% to 4.75% for the first time since March 2020. They were joined by Sweden’s Riksbank, the Swiss National Bank, and the ECB. In July we updated the FGAM U.S. twelve-month forward outlook to reflect our view for Growth (U.S. Real GDP growth greater than 2.5%) over the next twelve- month period, in response to the strong U.S. annualized 2.8% growth in Q2, up from 1.4% in Q1 2024.

China’s annual inflation rate edged down to 0.2% in June,¹ while China’s surveyed unemployment rate stood at 5%.² China’s trade surplus surged to USD 99.05 billion in June, the largest trade surplus since July 2022, as exports grew 8.6% from a year earlier, the fastest pace in 15 months, while imports dropped by 2.3%.³ The annual inflation rate in the Euro Area was confirmed at 2.5% in June 2024. Among the bloc’s largest economies, inflation slowed in Germany (2.5% vs 2.8%), France (2.5% vs 2.6%) and Spain (3.6% vs 3.8%) but edged higher in Italy (0.9% vs 0.8%).⁴ The unemployment rate in the Euro Area stood at an all-time low of 6.4% in May.⁵

The U.S. economy expanded an annualized 2.8% in Q2, up from 1.4% in Q1. Net trade dragged growth for a 2nd consecutive quarter as imports rose faster (6.9% vs 6.1%) than exports (2% vs 1.6%).⁶ The trade deficit in the U.S. widened to $75.1 billion in May 2024, the largest since October 2022 from a revised $74.5 billion in April. Exports also fell for automotive vehicles, parts, and engines, in particular trucks, buses, and special purpose vehicles. The trade gap widened with Mexico ($14.8 billion vs $13.7 billion in April) and China ($24 billion vs $20.1 billion), while the gap with Europe narrowed to $22.7 billion from $25.9 billion.⁷ The annual inflation rate in the U.S. fell for a third straight month to 3% in June.⁸ The unemployment rate in the United States rose to 4.1% in June, the highest since November 2021.⁹ The Canadian economy expanded by 0.4% in the first quarter of 2024, accelerating from a downwardly revised flat reading in the previous period. Imports of goods and services saw a modest increase of 0.4%, while exports experienced a slightly higher rise of 0.5%.¹⁰ The annual inflation rate in Canada eased to 2.7% in June,¹¹ while the unemployment rate in Canada rose to 6.4% in June from 6.2% in the earlier month.¹²

Powered by mega-cap outperformance, U.S. large-cap equities surged upward, with the S&P 500 up 4.3% in Q2 2024. Mid and small caps lagged, the with the S&P Mid Caps and S&P Small Caps down 3.5% and 3.1% respectively in Q2. Canadian equities finished the quarter on the downside as the S&P/TSX Composite declined 0.5% in Q2. The S&P Europe 350 took a breather in June, slipping 1.0% to trim its year-to-date gain to 9.8%. Three of 16 countries contributed positively to the pan-European equity returns in June, with the Netherlands the biggest positive contributor with +0.3%, while France subtracted 1.1%. Pan Asia equities advanced in June, with the S&P Pan Asia BMI rising 1.9% to post a 6.8% return for the first half of 2024.

In July we updated the asset allocation from June, reducing the 3–7-year treasury exposure across the board by 10% and putting that allocation in U.S. small caps. This reflects our expectation of a broader recovery across all market capitalizations as the U.S. economy strengthens. We continue to maintain short duration U.S. fixed income exposure as we are in early growth with interest rates in the U.S. holding at current levels. Gold is held across all models as a long-term strategic asset as it will continue to benefit our portfolio models at this transition point from Stagnation to Growth.

Fiscal policy and electoral cycles will continue to dominate our outlook. Our twelve- month forward outlook will continue to monitor the size and scale of the U.S. budget deficit, coupled with the substantial Treasury debt issuance required to address it. Our approach to portfolio management is nimble, opportunistic, and deliberate in identifying asset classes that are best placed to generate returns in a new world order. Our focus is on protecting portfolios from downside risk, and we believe that our investment process is working to achieve that goal.

Deborah Frame, President and CIO

Drew Millard, Portfolio Manager

¹ Trading Economics. China Inflation. July 10, 2024.

² Trading Economics. China Unemployment. July 15, 2024.

³ Trading Economics. China Trade. July 12, 2024.

⁴ Trading Economics. EU Inflation. July 17, 2024.

⁵ Trading Economics. EU Unemployment. July 2, 2024.

⁶ Trading Economics. U.S. GDP. July 25, 2024.

⁷ Trading Economics. U.S. Trade. July 3, 2024.

⁸ Trading Economics, U.S. Inflation, July 11, 2024

⁹ Trading Economics. U.S. Unemployment. July 5, 2024.

¹⁰ Trading Economics. Canada GDP. May 30, 2024.

¹¹ Trading Economics. Canada Inflation. July 16, 2024.

¹² Trading Economics. Canada Unemployment. July 1, 2024.

Index return data from Bloomberg and S&P Dow Jones Indices Index Dashboard: U.S., Canada, Europe, Asia, Fixed Income. June 30, 2024. Index performance is based on total returns and expressed in the local currency of the index.

The global economy has avoided a recession in the face of supply-chain disruptions in the aftermath of the pandemic, a Russian-initiated war on Ukraine that triggered a global energy and food crisis, and a surge in inflation, followed by a globally synchronized monetary policy tightening. It remains resilient, with growth holding steady as inflation returns to target. On a year-over-year basis, global growth bottomed out at the end of 2022, shortly after median headline inflation peaked. According to projections from the International Monetary Fund, growth for 2024 and 2025 will hold steady around 3.2%, with median headline inflation declining from 2.8% at the end of 2024 to 2.4% at the end of 2025.¹ Most indicators point to a soft landing. In May we maintained our U.S. twelve -month forward looking outlook to reflect our view for Stagnation (U.S. Real GDP growth between 0 and 2.5%) over the entire period. Stagnation will put downward pressure on rates, as moderating inflation will lead to less restrictive monetary policy.

China’s trade surplus in US dollars decreased to 72.35 billion in April from 86.46 billion in the same period a year earlier, as exports grew much less than imports.² China’s annual inflation rate rose to 0.3% in April 2024.³ The Eurozone economy expanded 0.3% on quarter in the first three months of 2024, with German GDP rebounding (0.2% vs -0.5%) and France (0.2% vs 0.1%) and Italy (0.3% vs 0.1%) expanding at a faster pace.⁴ Annual inflation in the Euro Area was confirmed at 2.4% in April, nearing the 2% target.⁵ The unemployment rate in the Euro Area stood at a record low of 6.5% in March. Across the major Euro Area economies, Spain continues to report the highest jobless rate at 11.7%, followed by France at 7.3% and Italy at 7.2%.⁶ The Eurozone posted a trade surplus in March. Among major trading partners, imports fell from China, the U.S., the U.K., Russia, and Norway. Exports fell 9.2%, declining to the U.S., the U.K., Switzerland, and Russia.⁷

Annual inflation in the US eased to 3.4% in April from 3.5% in March.⁸ The unemployment rate edged up to 3.9% in April from 3.8% in the previous month.⁹ The annual inflation rate in Canada eased to 2.7% in April from 2.9% in the earlier month.¹⁰ The unemployment rate was at 6.1% in April.¹¹ Canada reported a trade deficit of CAD 2.3 billion in March.¹²

As growing concerns surrounding rising inflation and the resulting hawkish sentiment from the Fed led to market jitters, U.S. equities declined in April, with the S&P 500 down 4.1%. Mid- and small caps fared worse, down 6.0% and 5.6% respectively. The S&P/TSX Composite declined 1.8%. The S&P Europe 350 slipped 0.7% in April, its first monthly loss since October 2023, trimming its year- to -date gain to 7.2%. Seven of 16 countries contributed positively to the pan-European equity returns, with the United Kingdom the biggest positive contributor with +0.7%. At the opposite end of the spectrum, Switzerland subtracted 0.5% from the S&P Europe 350’s return. The S&P Pan Asia BMI lost 1.2% in April. 

In May we maintained the asset allocation from April. We do not anticipate the commencement of rate reductions in the U.S. in June due to current strong economic factors and recent comments made by the Fed. Alternatively, due to an underperforming Canadian economy, we expect the BoC to cut interest rates earlier and more than the Fed this year. Gold is held across all models as a long-term strategic asset as it will continue to benefit our portfolio models during stagnation.

The nature of economic cycles is changing. Medium-term growth prospects remain historically weak in line with lower total factor productivity growth. A significant part of the decline comes from increased misallocation of capital and labor within sectors and countries. Fiscal policy and electoral cycles will continue to dominate our outlook. Our twelve- month forward outlook focuses on the size and scale of the U.S. budget deficit, coupled with the substantial Treasury debt issuance required to address it. We will continue to monitor this as we move through 2024. Our approach to portfolio management is nimble, opportunistic, and deliberate in identifying asset classes that are best placed to generate returns in a new world order. Our focus is on protecting portfolios from downside risk, and we believe that our investment process is working to achieve that goal.

Deborah Frame, President and CIO

Drew Millard, Portfolio Manager

¹ International Monetary Fund. April 2024.

² Trading Economics. China Trade. May 9, 2024.

³ Trading Economics. China Inflation. May 11, 2024.

⁴ Trading Economics. EU GDP. May 15, 2024.

⁵ Trading Economics. EU Inflation. May 17, 2024.

⁶ Trading Economics. EU Unemployment. May 3, 2024.

⁷ Trading Economics. EU Trade. May 21, 2024.

⁸ Trading Economics. U.S. Inflation. May 15, 2024.

⁹ Trading Economics. U.S. Unemployment. May 3, 2024.

¹⁰ Trading Economics. Canada Inflation. May 21, 2024.

¹¹ Trading Economics. Canada Unemployment. May 10, 2024.

¹² Trading Economics. Canada Trade. May 2, 2024.

Index return data from Bloomberg and S&P Dow Jones Indices Index Dashboard: U.S., Canada, Europe, Asia, Fixed Income. April 30, 2024. Index performance is based on total returns and expressed in the local currency of the index.

As anticipated, the FOMC voted in March to leave the target range for the federal funds rate unchanged at 5.25% to 5.50%. This was the fifth consecutive stand pat decision, all of which have been unanimous. Broadening global economic activity should help broaden investment performance, which has been narrowly concentrated in U.S. mega-cap equities. Bull markets have begun to take hold in a diverse collection of global markets including Japan, Brazil, Italy, Denmark, and India. In March we maintained our U.S. twelve -month forward looking outlook to reflect our view for Stagnation (U.S. Real GDP growth between 0 and 2.5%), over the entire period. Stagnation will put downward pressure on rates, as moderating inflation will lead to less restrictive monetary policy.

China’s consumer prices rose by 0.7% year over year in February,¹ while China’s surveyed urban unemployment rate averaged 5.3%.² China’s trade surplus increased in February as exports grew by 7.1%, while imports climbed by 3.5%. The trade surplus with the United States saw exports rising 5% while imports declined by 9.7%.³ Annual core inflation in the Euro Area fell for a seventh straight month to 3.1% in February 2024.⁴ The Eurozone posted a trade surplus of €11.4 billion in January 2024, compared with a deficit of €32.6 billion in the same period last year. Exports rose 1.3% year-on-year. Among key trading partners, exports increased mainly to the U.S., Japan, and Switzerland, but dropped to Russia, China, and Norway. Meanwhile, imports slipped by 16.1%, primarily from China, the U.S., Switzerland, Norway, Russia, Japan, and India.⁵

The U.S. economy expanded an annualized 3.4% in Q4 2023, supported by consumer spending and non-residential business investments, according to the third estimate from the BEA.⁶ The annual core consumer price inflation rate in the United States eased to a near three-year low of 3.8% in February.⁷  The unemployment rate in the United States rose by 0.2 percentage points to 3.9% in February.⁸ U.S. imports rose by 1.1% while exports increased at a much slower rate of 0.2%.⁹ The Canadian economy expanded by 0.2% in the fourth quarter of 2023, recovering from a revised 0.1% contraction in the previous period. The country’s exports of goods and services rebounded by 1.4%, largely due to crude oil and crude bitumen sales (+6.2%). Meanwhile, imports of goods and services declined by 0.4%.¹⁰ The annual inflation rate in Canada slowed further to 2.8% in February,¹¹ while the unemployment rate in Canada rose to 5.8%.¹²

Markets shook off looming concerns over inflation and the Fed’s future rate trajectory with more record highs in February, driving the S&P 500 up 5.3%. While Small Caps lagged, the S&P Midcap 400 was up 5.9%. Canadian equities finished the month on the upside. The S&P/TSX Composite rose 1.8%. The S&P Europe 350 extended its January gains in February, up 2.0% during the month. 8 of 16 countries contributed positively to the pan-European equity returns, with Germany the biggest contributor with 0.6%. Pan Asia equities rebounded but continued to lag the global market, with the S&P Pan Asia BMI rising 3.6% in February. China led the pack with the S&P China 500 bouncing back from its multi-year lows and closing the month up 9.3%.

In March we shifted the asset allocation, reducing exposure to 3-to-7-year treasuries and adding the 20-year plus treasury bond in anticipation of the commencement of rate reductions in the U.S. U.S. Mid-cap equities continue to provide an industrial-centric sector allocation, ebbing refinancing risk and less demanding valuations relative to mega caps. Gold is held across all models as a long-term strategic asset alongside bonds as they will continue to benefit our portfolio models during stagnation.

The nature of economic cycles is changing. Fiscal policy and electoral cycles will increasingly dominate outlooks. A long list of fiscal commitments, ranging from military to climate-transition expenditure, will keep government budgets in deficit, particularly in Europe. As elections approach, countries will likely loosen fiscal policy further—the U.S. and the U.K. being prime examples in 2024. Our twelve- month forward outlook focusses on the size and scale of the U.S. budget deficit, coupled with the substantial Treasury debt issuance required to address it. We will continue to monitor this as we move through 2024. Our approach to portfolio management is nimble, opportunistic, and deliberate in identifying asset classes that are best placed to generate returns in a new world order. Our focus is on protecting portfolios from downside risk, and we believe that our investment process is working to achieve that goal.

Deborah Frame, President and CIO

Drew Millard, Portfolio Manager

¹ Trading Economics. China Inflation. March 9, 2024.

² Trading Economics. China Unemployment. March 18, 2024.

³ Trading Economics. China Trade. March 7, 2024.

⁴ Trading Economics. EU Inflation. March 18, 2024.

⁵ Trading Economics. EU Trade. March 18, 2024.

⁶ Trading Economics. U.S. GDP. March 28, 2024.

⁷ Trading Economics. U.S. Inflation. March 12, 2024.

⁸ Trading Economics. U.S. Unemployment. March 8, 2024.

⁹ Trading Economics. U.S. Trade. March 28, 2024.

¹⁰ Trading Economics. Canada GDP. February 29, 2024.

¹¹ Trading Economics. Canada Inflation. March 19, 2024.

¹² Trading Economics. Canada Unemployment. March 8, 2024.

Index return data from Bloomberg and S&P Dow Jones Indices Index Dashboard: U.S., Canada, Europe, Asia, Fixed Income. February 29, 2024. Index performance is based on total returns and expressed in the local currency of the index.