In economics, what goes down usually goes up. And this time it went back up much faster than expected.

Today's job gains nearly erased last month’s 65,000-plus loss—the type of snap-back chiropractors appreciate. But don't tell the BoC.​

Investors nudged up the 5-year yield by two ticks on Thursday, as investors restlessly awaited Friday’s job numbers.

Apart from that, however, it was yet another eerily subdued trading session.

Between an underwhelming U.S. Treasury auction, Fed officials fretting about inflation that refuses to cool, and Canada bracing for more trade surprises, Wednesday was a day when optimism and anxiety shared the same stage.

The prime minister dropped by Washington on Tuesday for a chat about tariffs. Following his meeting with the President, Trump promised that Canada would be “very happy” with the outcome.

In Trump's vocabulary, that could mean anything from a handshake to a new import tax. Nevertheless, Canadian Trade Minister Dominic LeBlanc said the delegation left “optimistic” that it would someday get a new trade deal.

Bond markets began the week torn between AI euphoria and economic realism. It started with record-breaking stock gains coaxing investors out of safe havens like 5-year bonds. Then came BMO's sorry-looking Canadian growth forecast, which reminded everyone that even optimism here comes with tariffs attached.

The latest instalment of Stress Test This delves deeper into the mind of Canada’s most entertaining mortgage provocateur. For fans of polite industry chatter, this one’s more chainsaw than charm school. For those craving a veteran broker's unfiltered take on mortgage marketing, buydowns, and bureaucracy, the “angry mortgage broker” pulls even fewer punches in this episode.

But before we roll the tape, one moment in this interview deserves a spotlight. Whatever your stance on the content, the 7:10 mark drops a lesson every originator should internalize. Standing for something and voicing it clearly are the differences between being noticed and remaining invisible in a crowded market.

With America's shutdown dragging on and its marquee payrolls report in limbo, Canada's 5-year yield climbed 2 bps on Friday. For the week as a whole, however, it slid 5 bps.

Looking ahead, rate markets will watch tomorrow as our Prime Minister goes back into the lion's den (a.k.a. the White House) for a second meeting with Trump. The President knows Carney’s political oxygen depends on a tariff win and will no doubt use that leverage against him.

Last week, OSFI threw mortgage advisors for a loop with this guidance at its "Industry Day":

"For borrowers with multiple mortgages, the income used for the borrower income criterion should not include income used to validate the borrower's ability to service mortgages on other properties."

Even the general public is talking about it. See this → Reddit thread.

Shortly after OSFI's comments, our inbox lit up with reader questions like:

Does this mean that none of the borrower's income whatsoever can be used to qualify for a subsequent mortgage on an income-producing property (a.k.a. non-owner-occupied rental), if that borrower already has a primary residence mortgage?

We promptly contacted the regulator (nine days ago) and received the final details today. Here's what we can tell you.