What a glorious day. It’s opening day for the Blue Jays, a long weekend beckons, and the Canadian economy is on fire. Good times. This is the rebound I’ve been talking about. I’ve generally been more upbeat about what’s going on under the hood in Canada’s economy and the prospects for a rebound, and by corollary more rate bearish than consensus for a long time. What we just learned validates this bias and with more to come as I’ll explain. Strong Q1 Growth: Canada’s economy is rebounding at the fastest pace since 2022Q2 (chart 1). First quarter economic activity is tracking a rise of 3.5% q/q at a seasonally adjusted ... (full story)