IAIC Market Update - December 13, 2021

December 13, 2021

Last Week in the Markets: December 3rd - 10th, 2021

(source: Bloomberg https://www.bloomberg.com/markets, MSCI https://www.msci.com/end-of-day-data-search and ARG Inc. analysis)

What happened last week?

The Bank of Canada announced its latest monetary policy on Wednesday keeping the three key short-term interest rates unchanged; Overnight Rate and Deposit Rate sit at ¼% and the Bank Rate stays at ½%. This stay-the-course inaction was expected based on the Bank’s previous guidance. However, the comments that accompanied maintenance of current interest rate levels indicated that increases cannot be avoided indefinitely. Inflation is running well above the desired level in Canada, Gross Domestic Product is approaching pre-pandemic levels after strong third-quarter growth, and economic momentum appears strong with job gains bringing the level of employment close to February of 2020. These factors were explicitly stated in the Bank’s announcement along with the projection that the Bank of Canada will continue to support economic recovery with low interest rates. The support could begin to be lessened by an increase in short term rates “sometime in the middle quarters of 2022.” (Source)
The U.S. Federal Reserve will release its monetary policy update on Wednesday, December 15^th.
The other major announcement from this past week was the Consumer Price Index (CPI) in the U.S., which showed that prices have risen 6.8% overall in the last year. Prices were up 0.8% in November after a 0.9% increase in October. This is the highest rate of inflation since 1982. The core inflation rate is 4.9%, and “the price indexes for gasoline, shelter, food, used cars and trucks, and new vehicles were among the larger contributors” according to the Bureau of Labor Statistics. (Source)

What’s ahead for this week?

In Canada, November’s industrial product price index, housing starts, existing home sales, and inflation through the Consumer Price Index will be released.
In the U.S., the Producer Price Index, retail sales, import prices, housing starts and building permits for November are scheduled. Also, the Federal Reserve’s latest monetary policy announcement and economic projections is on the calendar for Wednesday afternoon.
Globally, industrial production, trade balance and Purchasing Managers Indices from Japan, China and Eurozone will be announced. Mirroring the U.S. the European Central Bank will conduct their monetary policy meeting.

For more information contact:
Independent Accountants’ Investment Counsel Inc.
135 Main St. E. Listowel, ON
Phone: 519-291-2817 or TF: 1-877-291-3040
icpmss@iaic.ca

This report is produced by Independent Accountants' Investment Counsel Inc (“IAIC”) in conjunction with ARG Inc. All graph and chart statistical data contained in this report has been supplied by ARG Inc. The views and opinions expressed in this report are based on market statistics. No guarantee of outcome is implied and opinions may change without notice. Investors should not base any of their investment decisions solely on this report nor should any opinions expressed within this report be construed as a solicitation or offer to buy or sell any securities mentioned herein. Although the information contained in this report has been obtained from sources that IAIC believes to be reliable, we do not guarantee its accuracy, and as such, the information may be incomplete or condensed. All opinions, estimates and other information included in this report constitute our judgment as of the date hereof and are subject to change without notice.

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Southwestern Ontario's Top Employers Award

Southwestern Ontario's Top Employer Award Winner

February 5, 2025

We are th rilled to announce Ward & Uptigrove was selected as a recipient of the Southwestern Ontario's Top Employers Award for 2025. The award is based on the following criteria: 1. Workplace, 2. Work Atmosphere and Social, 3. Health, Financial and Family Benefits, 4. Vacation and Time-Off, 5. Employee Communications, 6. Performance Management, 7. Training and Skills Development, 8. and Community Involvement! Here are some of the reasons why Ward & Uptigrove was selected as one of Southwestern Ontario's Top Employers (2025): Ward & Uptigrove increased its full-time workforce in Canada by over 13 per cent in the past year and lets everyone benefit in the company's success with profit-sharing -- the company also offers generous referral bonuses of up to $5,000 per successful candidate as an incentive for employees to recruit friends Ward & Uptigrove hosts three major social events each year, giving employees the opportunity to unwind and connect with food, beverage and entertainment covered by the firm's partners -- events include a post-tax season party (employees plus a guest), a fall golf tournament, and an annual holiday celebration Ward & Uptigrove matches employee donations in kind, and encourages them to lend a helping hand in the community with a paid day off to volunteer Emily MacRobbie, human resources manager at Ward & Uptigrove, says clients appreciate the close connections and sense of care their small-town environment fosters. “We’re big enough to attract and retain some of the best and brightest minds in the industry, while simultaneously being small enough that staff and clients are known on a more personal level,” says MacRobbie. “Employees really appreciate the flexibility the firm offers, such as work location (in office or hybrid) and hours of work arrangements. We keep a pulse on what’s happening and make sure we remain competitive with things like paid time off and flexible health benefits.” To learn more about career opportunities at Ward & Uptigrove visit www.wardanduptigrove.com/careers