Canada
This key Canadian benchmark tracks companies listed on the Toronto Stock Exchange.
What is the S&P/TSX Composite Index?
Average length of a U.S. economic recession since 1948.
What is 10 months?
These markets are noted as having valuations in a “fair value range.”
What are European and emerging markets?
Bond market pricing suggests expectations for this central bank action.
What are Fed rate cuts?
This commodity has experienced a shock due to Middle East conflict.
What is oil?
Canada’s manufacturing PMI suggests this type of economic condition.
What is a fragile economy?
The S&P 500 earnings growth forecast mentioned is approximately this percentage.
What is ~15%?
Global manufacturing has improved despite uncertainty around this.
What is tariffs / tariff uncertainty?
Investment grade credit fundamentals are described as this.
What is solid?
Oil prices are expected to maintain this characteristic going forward.
What is a higher floor / sustained risk premium?
Canadian credit card debt is described as nearing this level.
What is record highs?
This investment theme is expected to support U.S. growth over the next couple of years.
What is AI investment / hyperscaler capex?
This risk is specifically mentioned as a headwind for international markets.
What is headline risk?
High yield spreads are currently at this relative level.
What is historically tight?
These asset classes make up major portions of CPP alternative allocation.
What are infrastructure and real estate?
The CAD is expected to trade within this USD range over the next 12 months.
What is $0.72–$0.75 USD?
The Sahm Rule signals recession risk when unemployment rises by this amount.
What is 0.5 percentage points?
This country’s export growth is seen as a leading indicator for global earnings growth.
What is South Korea?
Sovereign bonds require this strategy due to uncertainty in rate cut timing.
What is active duration management?
The factors driving this asset higher last year are still in place.
What is gold?
In CPP geographic allocation, this region holds the largest share.
What is the United States (47%)?
Over the long term, the S&P 500 produces positive returns this percentage of the time over 10-year periods.
What is ~95% of the time?
Compared to North America, emerging markets historically show this characteristic, though recently less so.
What is higher volatility?
Yields today are described as being at this level relative to history.
What is above historical averages?
From a diversification standpoint, investors may want to look outside this region for credit opportunities.
What is North America?