Highlights
• Recent corporate guidance from JetBlue, Micron and CarMax paints a picture of a slowing demand — challenging the “resilient consumer” story
• The rise in oil prices is all about supply: other commodities (base metals and the food complex) are in deflation mode
• No matter how you slice it, Canada looks like it is in recession, and it is time for the BoC to hit the brakes
• The Beige Book shows high inflation concerns to be in the rearview mirror, providing no evidence of a need for more tightening
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