Month in Review - January 2023

Markets stormed out of the gate in January with both stock and bond markets rallying on expectations that central banks will reverse course in Q4 2023 and cut rates.

The S&P 500 in CAD rallied 4.3% and the TSX Composite Index increased 7.4% on strong moves from banks, oil companies and miners. The bond market also had a strong month gaining 3.0% as it appears that longer-term interest rates have peaked. We expect bond volatility to compress in 2023 as central banks complete their hiking cycle, which should also result in lower volatility in stock and currency markets.

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