Market developments
Equities: Global equities finished the week modestly higher, led by the U.S., where major indices hovered near record territory and the S&P 500 gained 0.3% for the week. Risk appetite was supported by expectations of a Federal Reserve rate cut next week and subdued volatility.
Fixed Income: In the U.S., the 10‑year Treasury yield hovered near 4.14% as markets continued to price a high probability of a Fed rate cut next week. Canada’s benchmark 10‑year traded around 3.41%, while the Bank of Canada is widely expected to hold rates at its upcoming meeting.
Commodities: Precious metals were steady, with gold consolidating near $4,200/oz after touching higher levels earlier in the week, while silver hovered around $58/oz. Both remain supported by expectations of Fed easing and a softer dollar, though momentum has cooled.