The Trump-Xi summit produced framework language, not Hormuz progress. Kevin Warsh inherits the Fed chair today into an oil-at-$103 inflation environment. The traditional safe haven trade inverted. The implication for Macklem's June 3 decision is not what the morning frameworks could have seen.

The Beijing summit produced a headline the market priced as oil-bearish. But the Manulife miss and the Warsh confirmation, run through the morning's frameworks together, reveal a different and more durable pressure building on the TSX.

Wednesday's US PPI came in at +6% year over year, the hottest since 2022, pricing out any Fed cut and pushing hike probability to 39%. The TSX should be falling harder. It isn't. The reason why is also the reason to be cautious.

April CPI came in at 3.8% in the United States, above consensus, driven by energy and a shelter rebound. Canada's own April inflation data lands May 19. The BoC meets June 10. The sequence matters more than any single number.

Trump's rejection of Iran's peace proposal sent WTI back to $98 this afternoon. The morning's Economy Desk established oil as the swing variable in the BoC's June 10 decision. Carney's "fortress North America" offer from Saturday puts Canadian energy on the negotiating table at the exact moment elevated oil is threatening a rate hike. Two frameworks, one sector, opposite implications.

Canada lost 18,000 jobs and the TSX closed higher. The US added 115,000 jobs and gold hit $4,725. Both things happened today and the tension between them is what advisors need to understand before Monday morning.

The S&P 500 hit a new all-time high today and sold off. Canada’s 5-year bond yield rose on a peace-optimism day when it should have fallen. Held together, these two signals answer the question your mortgage renewal clients will ask tomorrow morning.

The TSX closed up 0.5% to roughly 33,500. Financials added another 0.5%, oil fell below $95, and Canadian energy names rallied anyway. CNQ +1%, Suncor +0.6%

A two-week ceasefire is in effect between the US and Iran. It was brokered by Pakistan hours before Trump's threatened deadline, and both sides have claimed victory. Talks begin Saturday in Islamabad,

The S&P 500 closed up for a seventh straight session, the longest streak since October 2025 -- on a day WTI crude rose roughly 6% back toward $100, software shares sold off inside the rally, and Iran

Brent crude closed near $106, down nearly 3%, on the same session in which U.S. forces struck Kharg Island, Iran's primary oil export terminal. Oil moving down on confirmed physical destruction of Ira

The U.S. added 178,000 jobs in March, triple the consensus estimate, but the number landed on Good Friday when equity markets were closed. By today's open, Iran had consumed all the oxygen. The strong

The 5-year GoC bond yield moved from 2.7% to 3.2% this month without the BoC changing its rate. That 50-basis-point repricing has already pushed fixed mortgage rates higher at major lenders, affecting