Buy Loonie on Growing U.S. Budget Gap, WisdomTree’s Weniger Says

The prospect of a ballooning U.S. budget deficit and signs of American housing-market weakness mean that the Canadian dollar rally likely has legs, according to Jeff Weniger at exchange-traded-fund manager WisdomTree Investments Inc.

The loonie is already the best-performing major currency this year. But with the U.S. fiscal outlook darkening amid the risk that a softer housing market could hurt consumer sentiment in the world’s biggest economy, “we continue to think that there are more gains in the Canadian dollar,” said Weniger, director of asset allocation at the money manager. Read more @


Trump pick for Fed calls for sharp interest rate cut: report

An economist tapped by U.S. President Donald Trump for a governorship at the Federal Reserve called for a sharp interest rate cut at the central bank’s policy meeting next week, the Washington Post reported on Monday.

Asked if she supported a 50-basis point cut in the Fed’s target range for its benchmark interest rate, Judy Shelton said: “Yes. I would have voted for a 50-basis point cut at the June meeting,” the Washington Post reported, citing an e-mail from Shelton. Read More @

The Fed Has Reached a Turning Point

he U.S. Federal Reserve is poised to put interest rates on a new, downward trajectory in its efforts to support an increasingly fragile economy. The move is long overdue, but it’s crucial that officials and the public recognize the risks.

Although Fed officials meet at least eight times a year to deliberate over monetary policy, they change the direction of interest rates much less frequently. The past fifteen years can be divided into three distinct phases (with a few short “wait and see” gaps): tightening from June 2004 through August 2006, easing from September 2007 through December 2012, and tightening again from June 2013 to December 2018. The Fed didn’t move at every meeting in these periods, but the overall tilt of policy was clear. Read More @

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