Stock markets continued to rise in the third quarter, with the Canadian market outperforming once again. Interest rates were down slightly in Canada and remained stable in the United States and elsewhere in the world. During the summer, investors expected the U.S. Federal Reserve to raise its key rate but it opted to stand pat. We expect an increase in the key rate after the U.S. presidential election, probably in December. The U.S. economy is operating at full capacity with an unemployment rate of only 5.0%, and initial jobless claims (a leading indicator of employment) are at their lowest level in 10 years. The U.S. economy no longer needs monetary stimulus.
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