A hot GDP print, a 3.0 percent headline number and a Fed watching Treasury yields hit 19 year highs all land on Macklem's desk before September 2.

Friday's Section 338 deadline runs on entry date, not ship date, and that distinction is the real planning window this week.

Trump paused Section 338 tariffs three hours before the deadline. The market is pricing it as resolved. It isn't.

A genuine Strait of Hormuz escalation and a fresh 19 year high in long yields hit the tape on the same afternoon. Only one of them moved gold.

Energy and gold names had a strong Monday. Technology and rate-sensitive names didn't. The 30-year Treasury yield hitting its highest close since 2007 is what decides which story wins Tuesday.

A vessel struck overnight, Iran's language just got sharper, and Trump has widened the threat to a third country. Oil is up, but nowhere near March's peak. That gap is the story.

Core inflation has been flat for three months. The 30-year Treasury yield hitting its highest level since 2007 is the number that actually moves Canadian mortgage rates.

A 50% US tariff on Canadian goods takes effect at 12:01 a.m. Tuesday with no exemption and no runway. What advisors can still control sits inside the CCPC, not outside it.

Monday's decline was 0.17%. The instinct it triggers in clients sitting on a year of record gains is not nearly so small.

Statistics Canada's July inflation surprise and the Geopolitical desk's Hormuz toll deadline were written up this morning as two unrelated stories. They are the same mechanism, a few hours apart.

Toronto retreated from a record close on tech weakness and soft US data. The overnight tape shows a risk-off tilt across commodities and volatility as the Hormuz ceasefire formally expires today.

The interim ceasefire and the sanctioned toll authority's 60-day waiver both lapse today, and neither expiry resolves how oil is actually still moving through the strait.

The Bank of Canada's September 2 decision is likely a formality. The window on either side of it, running through Jackson Hole and the Fed's own September 16 meeting, is where Canadian bond yields are actually being set.

Capital gains realized in a record year for the TSX and gold interact with the Alternative Minimum Tax and the OAS recovery tax, neither of which cares that the inclusion rate increase was cancelled.

Investors have learned that Strait of Hormuz headlines are buying opportunities. The mechanism that produced that lesson just changed.

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.