Independent Accountants' Investment Counsel Inc.

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


What happened last week?

  • Thursday’s release of U.S. consumer inflation data continued the run of positive performance for equities so far in 2023.  The Consumer Price Index (CPI) declined by 0.1% in December and compared to December 2021 prices have risen 6.5% on a year-over-year basis.  Inflation had peaked in June at 9.1% and had been 7.1% in November 2022.  Core CPI, which excludes food and energy from the basket of consumer goods and services, rose 0.3% in December and 5.7% over the last year. 

  • “The index for gasoline was by far the largest contributor to the monthly all items decrease, more than offsetting increases in shelter indexes” according to the Bureau of Labor Statistics. 

  • The overall rate of consumer price increases suggests that past monetary policy moves have begun to affect inflation.  Both the Bank of Canada and Federal Reserve have raised their policy interest rates by 4% since March of 2022. 

  • Canadian consumer inflation data for December will be released next week, which will provide some guidance for the Bank of Canada.  CPI was 6.9% in October and 6.8% in November on a year-over-year basis.  The next scheduled interest rate announcement for the Bank of Canada is January 25th and will include the quarterly Monetary Policy Report.

(Source1, Source2, Source3, Source4,)


What’s ahead for this week?

  • In Canada, manufacturing sales, wholesale sales, retail sales, and housing starts will be released.  The most important report will announce consumer and producer inflation for December.

  • In the U.S., markets will be closed on Monday for the observance of Martin Luther King, Jr Day.  Producer inflation, retail sales, mortgage market index, industrial and manufacturing production, building permits, housing starts, and existing home sales will be reported.

  • Globally, consumer inflation releases continue with Germany and Italy contributing their country-data, as well as the entire Eurozone report.  On Friday the European Central Bank Chair, Christine Lagarde will speak.  China will release its fourth quarter Gross Domestic Product, industrial production, retail sales and unemployment rate.  The Bank of Japan has an interest rate decision scheduled for Tuesday.

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. 


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