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Top Savings and GIC Rates in Canada This Week

                                                                             Canadians looking to maximize their returns on safe investments have strong options this week, with both high-interest savings accounts (HISAs) and guaranteed investment certificates (GICs) offering competitive rates. High-Interest Savings Accounts KOHO Earn Interest Account continues to lead with an impressive 3.5% interest rate , offering unlimited transactions and cashback perks. Other online banks and credit unions are hovering around 3.0%–3.25% , making HISAs a flexible choice for those who want liquidity while still earning meaningful returns. Guaranteed Investment Certificates (GICs) For short-term savers, MCAN Wealth is offering 3.65% on a 1-year GIC , one of the hig...
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Wall Street Eyes Labor Market Data and Powell’s Testimony

 

Wall Street drifted modestly lower before the opening bell on Monday, with investors focusing their attention on a trove of labor market data and Federal Reserve Chair Jerome Powell’s upcoming appearances before Congress.

Here are the key points driving today’s market sentiment:

  1. Labor Market Data: This week, investors eagerly await several labor market reports. On Wednesday, the job openings and labor turnover report will provide insights into employment trends. Additionally, the more comprehensive February jobs report, due on Friday, will shed light on the health of the U.S. job market.

  2. Powell’s Testimony: Federal Reserve Chair Jerome Powell is set to make his semi-annual appearance before the House on Wednesday, followed by testimony to the Senate on Thursday. Investors will closely monitor his remarks for any signals regarding the timing of a highly-anticipated round of interest rate cuts. The Fed has already raised its main interest rate to the highest level since 2001 in an effort to combat surging inflation following the COVID-19 recession of 2020. Powell’s statements may provide clarity on whether further rate cuts are imminent.

  3. Inflation and Economic Strength: Despite the Fed’s hawkish stance, unexpectedly strong economic data has pushed back market expectations for rate cuts from March to June. The central bank’s decision will likely hinge on inflation trends. If inflation continues to retreat toward the Fed’s 2% target, rate cuts may be on the horizon.

  4. Market Reaction: Futures for the S&P 500 slipped 0.1% before the bell, while futures for the Dow Jones Industrial Average lost 0.3%. Investors remain cautious as they await Powell’s insights and assess the impact of labor market developments.

In summary, Wall Street’s attention is squarely on labor market indicators and Powell’s testimony this week. As the economy continues to recover, investors are keenly watching for signals that could shape monetary policy decisions in the coming months.


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