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Economic Impact - United States: Return on Cash Exceeds Earnings Yield

Stephane Marion; Executive Vice-President; Chief Economist and Strategist; National Bank

Denis Girouard; Executive Vice-President and Co-Head; Financial Markets; National Bank

In this video:

  • Market Performance

- All asset classes are up to start the year, led by U.S. Equities.

- The growth of U.S. Equities is supported by the anticipation of the rapid deployment of AI (Artificial Intelligence) within companies, which would boost productivity and increase earnings.

  • Economic Data

- For the first time since 1999, the rate on Cash/T-Bills exceeds the Earnings Yield.

- U.S. Manufacturing activity is at a cyclical low.

- U.S. Excess Savings are now fully depleted according to the Fed.

  • Bank Rates

- Canada's most restrictive real policy rate since 2009.

- Surge in Canadian population is increasing demand on the economy.

As always, we are available for any questions or information you may require.

- Your Creed Capital Management Team

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