1A-510 Weber Street North, Waterloo, ON N2L 4E9 | 202-135 Main Street East, PO Box 68 , Listowel, ON N4W 3H2
Phone: +1 519.291.2817 | Toll Free: 1.877.291.3040
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Independent Accountants' Investment Counsel Inc.

(source: Bloomberg https://www.bloomberg.com/markets, MSCI https://www.msci.com/end-of-day-data-search and ARG Inc. analysis)


What happened last week?

  • Canadian employment rose by 73,000 in the month of March, and the unemployment rate fell by 0.2% to 5.3%.  This is the lowest unemployment rate since 1976 when similar data was first collected and analyzed.  Labour Force Participation remained unchanged from February at 65.4%, total hours worked rose 1.3% and wages have risen 3.4% compared to March 2021.  As restrictions are lifted the percentage of employees who work exclusively from home fell 1.8% to 20.7%. (Source1, Source2)

  • Last Thursday afternoon, Minister of Finance, Chrystia Freeland, presented the governing Liberals latest budget. The highlights affecting Canadians’ finances include $56 Billion in new spending for national dental care, affordable housing incentives, reconciliation with Indigenous Peoples, and increased defense and climate initiatives.  A surtax on large banking profits and an increase to the corporate tax rate are also included in the proposed measures. (Source)

  • The Federal Reserve released the minutes from their mid-March monetary policy meeting that indicated committee members were taking a more aggressive stance against inflation than originally thought.  The Federal Open Market Committee members unanimously agreed to raise the federal funds rate ¼%, and the market has priced-in an increase of about 170 basis points (1.7%) for 2022.  A half-point increase, which has not occurred since 2000, is expected in the coming months, and maybe more than once.  The Federal Reserve will also allow close to $100 Billion in bonds to mature each month without being replaced.  The removal of this money from markets will tighten long-term borrowing and increase costs and yields.  With inflation expected to exceed 8%, and the robust jobs market and GDP growth, the U.S. economy needs price stability and no longer requires monetary supports to fuel growth. (Source)

What’s ahead for this week?

  • In Canada, prior to the Good Friday holiday, the Bank of Canada will announce its monetary policy update on Wednesday morning.  All major Canadian banks predict a 50 basis points (½%) increase. (Source)

  • In the U.S., March’s Consumer Price Index (CPI), retail sales, import prices, business inventories, industrial production, and capacity utilization are scheduled for announcement.  Stock markets will be closed on Friday with bond markets trading limited. 

For more information contact: [email protected]

www.iaic.ca | 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. 


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