Month in Review - July 2021

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July Commentary

Equity markets continued to move higher in July with the TSX Composite Index rising 0.8% and the S&P500 (in CAD) gaining 2.9%. The Canadian Bond Universe Index rallied for its third straight monthly gain, increasing 0.8%, with the 10-Year Government of Canada Bond rate falling to a measly 1.2%. With such low-rates on longer-term bonds it appears the bond market is signaling that we will soon return to a low-growth environment, which contradicts the recent inflation and GDP reports.

 

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