Developers have been buying down mortgage rates to move unsold inventory for years. As I reported in the Financial Post last week, Concord, Ontario-based CountryWide Homes has been trying to lure buyers with a 2.34% three-year fixed since July. Similar builder tactics are taking root nationwide. At first glance,

“This is very reminiscent, so far, of 1987” —Ed Yardeni (via Bloomberg) Recession jitters, market turmoil in Japan and liquidity concerns slammed bond yields this morning. Despite a hefty intraday turnaround, the sentiment damage is done. Now markets wait for the next shoe to drop. It's possible yields

In the week ended August 2, the U.S. 10-year yield plunged 41 bps. That's a 9.8% drop in percentage terms, as measured against the yield the week before. How often does the 10-year Treasury yield belly flop 9.8%+ and 41 bps in a single week?

What we're staring at above is Canada's 5-year yield, which cascaded 72 bps in just 29 days. It's the first time we've closed under 3% since May 2023. Yield drops like this are as common as a one-handed economist, and multiple factors