Canadian growth was flat, yet yields pushed toward 4 per cent and the TSX lost four sessions in a row. Friday payrolls showed where the Bank of Canada rate path was really being set.

WTI fell roughly 5 percent this week and Treasury yields hit fresh multi-decade highs, but neither move explains what happened to the TSX or the loonie.

The Fed raised its policy rate for the first time since 2023 while the Bank of Canada held and floated cuts, yet Canadian bond yields kept climbing regardless of which way the Bank leans.

The Bank of Canada held for a seventh straight decision while Fed hike odds climbed past seventy per cent, both reacting to the same barrel of oil that also pulled the TSX to a six-week low even as Canadian energy names rallied around it.

A four-session trading week, Labour Day closed markets Monday, produced a war escalation, a hawkish Bank of Canada hold, and a dovish Fed comment, and none of it moved the Government of Canada 10-year yield. A single domestic jobs report did what all three could not.

A GDP beat erased the recession debate and bank earnings set a record Tuesday. Neither survived contact with Kevin Warsh's first Jackson Hole speech.

A Treasury bond buyback reversed within 24 hours, yet gold kept the gain it produced, oil rallied on a separate Hormuz story, and the loonie strengthened for a third straight week ahead of Warsh's August 28 Jackson Hole debut and the Bank of Canada's September 2 decision.

A blowout jobs report pushed Canadian equities to a fresh high. A widening Iran conflict pushed oil and gold to their own. Friday's US retail sales miss cracked one of those stories without touching the other.

A blowout Canadian jobs report and a shock US payrolls miss sent the TSX and S&P 500 to record highs this week, pushed gold to a two-month high, and knocked Brent crude down more than 7%, even as the Strait of Hormuz shipping deal stayed stalled in Iran's parliament.

No single law created it and no single name describes it. On the day markets close for Civic Holiday, a look at how a nineteenth century municipal habit became a coast to coast tradition, and where the TSX stood heading into the break.

A week spent showing Hormuz traffic recovering and the Bank of Canada holding steady ended with tanker strikes, a 19-year Treasury yield high, and a TSX decline that tracked neither.

Between Wednesday's TSX record and Friday's oil reversal, a bigger story took shape: the Federal Reserve and the Bank of Canada are now pulling in opposite directions, and a fifty percent tariff lands in the gap between their next two decisions.

Gold's failure to rally on the biggest escalation of the US-Iran war in weeks is not a fluke. It is the clearest sign yet that oil-driven inflation fear, not geopolitical fear, is now setting the price of the safe-haven trade, and Canadian portfolios showed the same pattern in miniature on Friday.

Brent crude gained about 5 percent after simultaneous strikes on Bahrain, Kuwait, Qatar and Jordan, a fraction of the surge that followed the war's opening moves in February. The TSX closed the week near its highs anyway.

WTI crude fell for a fourth straight week to its lowest close since the Hormuz disruption began, yet the Canadian dollar strengthened over the final two sessions. Gold miners, not energy, carried the TSX toward a record.

On Canada Day, the two institutions Canadian advisors rely on every working day both hit milestones this spring. The CPP Fund crossed $793 billion. Cumulative TFSA room reached $109,000. Both were built here, and the system they belong to is quietly among the most complete in the developed world.