Independent Accountants' Investment Counsel Inc.

(source: Bloomberg, MSCI and ARG Inc. analysis)


What happened last week?

  • The rally for equities during the second half of last week erased early losses.  U.S. equities fared better than Canada’s TSX, which lost ¼ percent.

  • The Bank of Canada released a Summary of Governing Council Deliberations leading to its monetary policy announcement of April 12th.  The major factors contributing to the decision to hold rates steady are the international economy, and domestic economic developments and the outlook for inflation.  The summary provides insight to both the process of the Bank’s analysis and the depth.  It also highlights that these decisions cannot be based solely on the situation in Canada, and the U.S. is a major influence. 

  • Two key economic indicators were released last week in the U.S., Gross Domestic Product (GDP) and Personal Consumption Expenditures (PCE) price index.  Total economic output, GDP, grew at an annualized rate of 1.1% for the first quarter of 2023, which is below most estimates.  GDP grew at a rate of 2.6% in the final quarter of 2022, and the 2.1% for all of 2022. 

  • PCE, which is the Federal Reserve’s preferred indicator for inflation rose 4.2% in March, down from February’s 5.1%.  The current period exceeded estimates of 3.7%.

Source: Governing Council Deliberations


What’s ahead for this week?

  • In Canada, March’s imports, exports and trade balance, and a number of Purchasing Managers Indexes for April will be reported.  On Friday the jobs report for April will be released, which will show employment, unemployment, wages for the most recent period.

  • In the U.S., construction spending, durable goods production, factory orders, trade balance, and an extensive array of Purchasing Managers Indexes are scheduled.  The most important announcement for the week will occur on Wednesday afternoon when the Federal Reserve releases its monetary policy announcement.

  • Globally, many markets will be closed on Monday for Labour Day (also known as May Day).  Eurozone consumer inflation will be released on Tuesday, along with several individual nation’s inflation numbers.  Employment data for the Eurozone will also be announced, which will be followed by a European Central Bank interest rate announcement. 


For more information contact: [email protected] | Tel (519) 291-2817 | 135 Main Street, East | PO Box 68 | Listowel, ON N4W 3H2


This report is produced by Independent Accountants' Investment Counsel Inc (“IAIC”) in conjunction with ARG Inc.  All graph and chart statistical data contained in this report has been supplied by ARG Inc. The views and opinions expressed in this report are based on market statistics.  No guarantee of outcome is implied, and opinions may change without notice.  Investors should not base any of their investment decisions solely on this report nor should any opinions expressed within this report be construed as a solicitation or offer to buy or sell any securities mentioned herein.  Although the information contained in this report has been obtained from sources that IAIC believes to be reliable, we do not guarantee its accuracy, and as such, the information may be incomplete or condensed. All opinions, estimates and other information included in this report constitute our judgment as of the date hereof and are subject to change without notice.

Please contact your IAIC representative if you have any questions regarding this report. 


©Copyright 2023 Independent Accountants’ Investment Counsel Inc. All rights reserved.


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