“Trade what you see, not what you think.” – Anonymous

1. Fed’s Waller Says He Favors ‘Multiple Cuts’ in Coming Months — Federal Reserve Governor Christopher Waller said the US central bank should begin lowering interest rates this month and make multiple cuts in the coming months, adding that officials could debate the precise pace of reductions. Fed officials are widely expected to cut rates at their Sept. 16-17 meeting, even as they continue to grapple with the economic impact of tariffs. The levies have boosted inflation in recent months, while hiring has seen a sharp deceleration, to the slowest pace since 2020. Waller, who is a contender to succeed Jerome Powell as Fed chair, dissented against the central bank’s decision in July to hold rates steady in favor of a quarter-point cut. On Wednesday, he said inflation is likely to move “much closer” to the bank’s goal beginning in six or seven months, once the impact of tariffs starts to fade.
2. US Job Openings Fell in July to Lowest Level in Nearly a Year — Available positions decreased to 7.18 million from a downwardly revised 7.36 million in June, according to Bureau of Labor Statistics data published Wednesday. The median estimate in a Bloomberg survey of economists called for 7.38 million openings.
The pullback in openings was driven by health care, retail trade and leisure and hospitality. Vacancies in health care, which has been a major driver of job growth this year, dropped to the lowest level since 2021. Treasury yields fell and the S&P 500 remained higher after the report. The slide in vacancies indicates companies are becoming more cautious and selective with their hiring as they attempt to gauge the impact of President Donald Trump’s trade policy on the economy. In addition to the openings data, the pace of hiring has slowed and it is taking longer for unemployed people to find another position.
3. DOJ Opens Criminal Investigation Into Fed’s Cook, Issues Subpoenas — The Justice Department has opened a criminal investigation into Federal Reserve governor Lisa Cook, issuing subpoenas as part of an inquiry into whether she submitted fraudulent information on mortgage applications, according to U.S. officials familiar with the matter. The investigation comes on the heels of two criminal referrals from Bill Pulte, the Trump-appointed director of the Federal Housing Finance Agency, who has publicly alleged that Cook engaged in mortgage fraud. President Trump has cited those allegations in his bid to fire Cook and wrest control of a central bank that has historically remained independent.Pulte accused Cook of misleading banks on multiple mortgage applications to receive favorable lending terms, such as lower interest rates, typically given to a buyer who intends to occupy the home they purchase.
4. US Jobs Market Stalls in August While Unemployment Rises — Nonfarm payrolls increased 22,000 in August, according to a Bureau of Labor Statistics report out Friday. Revisions showed employment shrank in June — the first payrolls decline since 2020. The jobless rate ticked up to 4.3%. Traders solidified bets that the Federal Reserve will cut interest rates at its Sept. 16-17 meeting, which Chair Jerome Powell signaled in a speech last month during the central bank’s annual Jackson Hole symposium. Stock futures and Treasuries rallied following the report. Several sectors, including information, financial activities, manufacturing, federal government and business services, posted outright declines in August. Job growth was concentrated in health care and leisure and hospitality.

The week ahead — Economic data from Econoday.com:

Don’t trust your own opinion and back your judgment until the action of the market itself confirms your opinion. — Jesse Livermore

1. Trump Says He Is Removing Fed Governor Lisa Cook — president Trump said he is removing Lisa Cook, a Joe Biden-appointed Federal Reserve governor, citing allegations that Cook submitted fraudulent information on mortgage applications. Trump’s decision comes days after Bill Pulte, the leader of the Federal Housing Finance Agency, alleged that in 2021 Cook sought mortgages on two properties—one in Michigan, the other in Atlanta—and described both of them as her primary residence in papers submitted 14 days apart. Pulte said he would submit the information to the Justice Department in a criminal referral. Abbe Lowell, a lawyer for Cook, said Trump’s move “is flawed and his demands lack any proper process, basis or legal authority. We will take whatever actions are needed to prevent his attempted illegal action.”
2. US Economy Expands at Revised 3.3% Rate on Stronger Investment — Inflation-adjusted gross domestic product, which measures the value of goods and services produced in the US, increased at a 3.3% annualized pace, the second estimate from the Bureau of Economic Analysis showed Thursday. That compared with an initially reported 3% increase. Business investment expanded at a 5.7% pace after surging in the first quarter. The latest figure was stronger than the 1.9% initially reported and reflected an upward revision to investment in transportation equipment and the strongest advance in intellectual property products in four years.
3. Core inflation rose to 2.9% in July, highest since February — The personal consumption expenditures price index showed that core inflation, which excludes food and energy costs, ran at a 2.9% seasonally adjusted annual rate, according to a Commerce Department report Friday. That was up 0.1 percentage point from the June level and the highest annual rate since February, though in line with the Dow Jones consensus forecast. The Fed uses the PCE price index as its primary forecasting tool. Though it watches both numbers, policymakers consider core inflation to be a better indicator of longer-term trends as it excludes the volatile gas and groceries figures.

The week ahead — Economic data from Econoday.com:

1. Japan’s Exports Fall for Third Consecutive Month — Exports declined 2.6% from a year earlier, following a 0.5% drop in June, according to data released by the Ministry of Finance. Economists had forecast a 2.1% decline for last month, according to a median estimate from data provider LSEG. Shipments to the U.S. fell 10.1% from a year earlier due to weakness in automobiles. That compared with the 11.4% fall in June and marked the fourth straight month of decline.
Japanese automakers have cut prices to maintain their market share in the U.S., but economists warn that this strategy is unsustainable in the long term due to the damage it will cause to profitability.
2. S&P Affirms U.S. Credit Rating as Tariff Revenue Expected to Plug Fiscal Leaks — S&P Global Ratings has affirmed the credit ratings of the U.S., saying it expects robust revenues from the Trump administration’s newly instituted tariff regime to help offset the expected fiscal deterioration resulting from recent legislative changes. The sovereign credit ratings were held at AA+/A-1+, with the outlook remaining stable. The outlook was kept stable, reflecting expectation of continued resilience in the U.S. economy; credible, effective monetary policy execution; high, but not rising, fiscal deficits that underpin the increase in net general government debt; and the $5 trillion increase in the debt ceiling, it said.
3. July Home-Price Gains Were the Weakest Since 2023 — Prices for existing homes nationally inched up 0.2% from the year prior to a median sale price of $422,400 in July, according to National Association of Realtors data released Thursday. It was the weakest reading since existing-home prices fell 0.9% in June 2023. Some buyers are taking advantage, the data suggest. Home sales increased 2% from the previous month to a 4.01 million seasonally adjusted annual rate. While that is still slow, it is faster than the consensus call on FactSet, which called for a decline to an annual rate of 3.92 million from 3.93 million one month prior.
4. Powell Opens Door to Interest Rate Cut, Citing Labor Markets — Federal Reserve Chair Jerome Powell carefully opened the door to an interest-rate cut in September, pointing to rising risks for the labor market even as worries over inflation remain. “The stability of the unemployment rate and other labor market measures allows us to proceed carefully as we consider changes to our policy stance,” Powell said in remarks prepared for the Fed’s annual conference in Jackson Hole, Wyoming on Friday. “Nonetheless, with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.” The signal comes at a time when Fed officials are divided over how and when to adjust policy in the coming months. Some have pointed to the labor market’s resilience. Others warn that nascent signs of weakness in employment could metastasize into a more significant downturn.

The week ahead — Economic data from Econoday.com:

“Do more of what works and less of what doesn’t”. – Steve Clark

1. US Core CPI Picks Up on Services; Goods Inflation More Subdued — Consumer prices were up 2.7% in July from a year earlier, the Labor Department reported, unchanged from June’s gain of 2.7%. Prices excluding food and energy categories—the so-called core measure economists watch in an effort to better capture inflation’s underlying trend—rose 3.1% over the past 12 months, above forecasts for a 3% increase. Energy prices declined 1.1% compared with June, with gasoline down 2.2%. Oil prices have slipped this year, driven down by expectations of a slowing global economy. Groceries fell 0.1%. Rent returned to a more normal 0.3% increase after a period of big jumps, said Bank of America senior U.S. economist Stephen Juneau.
2. US Producer Prices Rise by Most in Three Years on Services — The producer price index increased 0.9% from a month earlier, the largest advance since consumer inflation peaked in June 2022, according to a Bureau of Labor Statistics report out Thursday. The PPI rose 3.3% from a year ago. Services costs increased 1.1% last month — the most since March 2022. Within services, margins at wholesalers and retailers jumped 2%, led by machinery and equipment wholesaling. Goods prices excluding food and energy rose 0.4%.
3. Consumer Sentiment Signals Caution After Solid US Retail Sales — The value of retail purchases, not adjusted for inflation, increased 0.5% after an upwardly revised 0.9% gain in June, Commerce Department data showed Friday. Excluding cars, sales climbed 0.3%. Friday’s report implies a much better start to consumer spending in the second half of the year after uncertainty around President Donald Trump’s policies — chief among them tariffs — took a toll on sentiment and kept many consumers on the sidelines in the preceding months. While the labor market is shifting into a lower gear, additional clarity on trade policy and a rebound in the stock market is giving some consumers more confidence about their spending power. Nine out of 13 categories posted increases, led by the biggest gain in motor vehicle sales since March. Sales at online retailers and general merchandise stores advanced, likely boosted by campaigns including Amazon.com Inc.’s extended Prime Day, Walmart Inc.’s weeklong “Deals” event and a similar promotion at Target Corp.
4. China’s Economy Shows Signs of Slowing, Raising Pressure on Beijing — Annual growth in retail sales and industrial production both slowed in July when compared with June, according to figures published Friday, an early sign that the second six months of the year are set to prove tougher for China’s economy than a solid first half. The economy expanded an annual 5.3% in the January to June period, China’s National Bureau of Statistics reported last month, but keeping that momentum going through the second half will be harder as U.S. tariffs bite into global trade, economists say. Support for Chinese exports from heavy frontloading by U.S. importers racing to get ahead of tariff deadlines is likely to fade now that many of Trump’s levies have taken effect.
The U.S. and China agreed to extend their trade truce for another 90 days earlier this week, but U.S. tariffs on Chinese imports are still painfully high and hitting direct trade between the two economies. An August report by Global Trade Alert, a Switzerland-based outfit that tracks trade policy, said U.S. imports from China face a tariff on average of around 43.5%, after accounting for wrinkles such as different rates applied to different products and exemptions for certain items.

The week ahead — Economic data from Econoday.com:

“The purpose of trading is not being right, the purpose is to make money, and I think that’s my number-one rule. Don’t get hung up on your current positions.” — Dana Allen.

1. U.S. Services-Sector Activity Slows — The Institute for Supply Management said that its purchasing managers’ index for services providers fell to 50.1 in July, from 50.8 in June, which was lower than the 51.2 expected by a consensus of economists polled by The Wall Street Journal. The reading just above 50 points to an expansion of activity, albeit slower than in June. May recorded the only month of contraction since July last year. Employment contracted for a second-straight month and there was a faster rise in prices index, both “worrisome developments,” Miller said.
2. Trump Names Miran to Fill Seat on Federal Reserve Board — The president said that Miran, who will need to be confirmed by the US Senate, would only serve the expiring term of Fed Governor Adriana Kugler, which ends in January. “In the meantime, we will continue to search for a permanent replacement,” Trump said. Miran, who holds a Ph.D. in economics from Harvard University, has echoed Trump’s call for lower interest rates. Miran has established a reputation for delivering his views in a more measured tone than many other Trump advisers. Nonetheless he has been a sharp Fed critic and proposed changes to the central bank that some would view as unorthodox.
3. Trump Eyes 100% Chips Tariff, Exempting Firms That Invest in US — Donald Trump declared plans for a 100% tariff on semiconductor imports while promising to exempt companies such as Apple Inc. that move production back to the US, triggering a scramble among trading partners and companies worldwide to make sense of the threat. Trump’s surprise declaration further upends a global electronics supply chain undergoing a seismic shift following decades of reliance on China. Apple joined a parade of companies from Taiwan Semiconductor Manufacturing Co. to Nvidia Corp. that have pledged to spend more than $1 trillion collectively since Trump’s ascension, seeking to assuage an administration keen to bring manufacturing back home. While much of the capital in those pledges represented prior commitments or longer-term plans, they appear to be working.
4. Trump Removes Billy Long as Head of IRS — Long is being replaced on an interim basis by Treasury Secretary Scott Bessent, a senior White House official said. Bessent is the latest leader of a federal bureau that has gone through a series of commissioners since the start of Trump’s second term. Long was sworn in as the commissioner in June. He was the sixth IRS commissioner this year—after several interim heads—and his term was set to expire in November 2027. His departure was earlier reported by the New York Times.

The week ahead — Economic data from Econoday.com:

1. US Economy Rebounds With 3% GDP Growth After Trade Reversal — Inflation-adjusted gross domestic product, which measures the value of goods and services produced in the US, increased an annualized 3% after shrinking at a 0.5% rate in the previous period, according to preliminary government reported. Beyond the recent tariff-related swings, second-quarter economic activity was more moderate. Consumer spending — which accounts for two-thirds of GDP — advanced 1.4%, marking the tamest growth in consecutive quarters since the pandemic. Business investment growth cooled. Because swings in trade and inventories have been distorting overall GDP this year, economists have been paying even more attention to final sales to private domestic purchasers, a narrower metric of demand. This measure rose at a 1.2% pace in the second quarter, the slowest since the end of 2022.
2. Trump Hits India With 25% Tariff, Threatens More Over Russia — President Donald Trump said he would impose a tariff rate of 25% on India’s exports to the US starting on Aug. 1 and suggested he would add an additional penalty over the country’s energy purchases from Russia. Trump’s announcement comes ahead of the Aug. 1 deadline he set for imposing new import taxes on dozens of trading partners. The levies dash New Delhi’s hopes of preferential treatment over its Asian peers, who have secured tariffs ranging from 15% to 20%. India had been among the first to engage Washington in talks, following Prime Minister Narendra Modi’s high-profile White House visit in February.
3. Fed Holds Rates Steady, but Two Officials Back a Cut — The Federal Reserve held rates steady for a fifth straight meeting Wednesday but faced rare dissents from two officials seeking an immediate cut. The decision followed a period of intense political pressure on Fed Chair Jerome Powell by the White House to lower interest rates. Officials maintained their benchmark policy rate in a range between 4.25% and 4.5% as they weighed how importers, retailers and consumers will split the costs of higher duties on imports. Powell said the Fed was committed to making sure any one-time increases in prices didn’t lead to more-persistent inflation. “We want to do that efficiently, though—efficiently,” Powell said. “If you move too soon, you wind up maybe not getting inflation all the way fixed and you have to come back [and raise rates]. That’s inefficient. If you move too late, you might do unnecessary damage to the labor market.”
Dissents from two Fed governors and Trump appointees, Michelle Bowman and Christopher Waller, offered limited insight into the Fed’s coming moves. Both favored reducing rates by a quarter-point on Wednesday. Bowman’s dissent marked a notable shift for someone who had been a leading advocate for tighter policy in recent years and who in September supported a smaller rate reduction than her colleagues.
4. Core PCE Inflation Runs a Touch Hot, Dimming Hopes for September Rate Cut — The core personal consumption expenditures price index, which strips out the cost of food and energy, rose 0.3% on the month and 2.8% from a year earlier, the Bureau of Economic Analysis said. That topped FactSet estimates for a 0.29% monthly and 2.7% annual gain. Headline PCE rose 0.3% on the month and 2.6% from a year earlier, leaving the annual metric at its highest level since February. Consensus estimates were for respective rates of 0.23% and 2.5%.
The stronger-than-expected result complicates the Fed’s path to rate cuts. When officials held interest rates steady this week, they said they wanted to see more evidence that inflation is sustainably moving toward the bank’s 2% target. This report could delay that.
5. US Notches Worst Three Months for Jobs Growth Since Pandemic — Payrolls increased 73,000 in July after the prior two months were revised down by nearly 260,000, according to a Bureau of Labor Statistics report out Friday. In the last three months, employment growth has averaged a paltry 35,000 — the worst since the pandemic. The report caps a week of high-profile data that show underlying economic momentum is cooling and inflation progress is stagnating, reasons why the Federal Reserve chose to keep interest rates unchanged again in a divided decision. Chair Jerome Powell maintained that the labor market is solid and the central bank needs to be wary of inflation risks — especially with President Donald Trump’s latest round of tariffs.

The week ahead — Economic data from Econoday.com:

“Many traders think that it’s only when they know what would happen in the future that they can make money. So, they make many assumptions about the future, including the belief that what is happening at the moment would persist forever — the trend would continue or the range market would persist. They trade as if the present condition is the default condition of the market.”– Ray Dalio

1. U.S. Mid-Atlantic Factory Activity Contracts at Fastest Rate This Year — the Fifth District Survey of Manufacturing Activity’s index for July sank sharply to minus 20 from minus 8 in June, the Federal Reserve Bank of Richmond said Tuesday. A consensus of economists polled by The Wall Street Journal expected it instead to inch up to minus 6.5. The reading below zero means more of the 66-72 firms responding to the survey this month reported decreasing activity than increasing, the fifth month in a row that has happened. Average growth rates of prices paid and received also fell a little in July, pointing to lighter inflationary pressures this month.
2. Trump Strikes Deal With Ally Japan Setting Tariff Rate at 15%-– President Donald Trump on Tuesday stateside announced a “massive” deal with Japan that includes “reciprocal” tariffs of 15% on the country’s exports to the U.S., with auto duties reportedly being lowered to that level as well. Following Trump’s post, Japanese Prime Minister Shigeru Ishiba said that auto tariffs on Tokyo will be lowered to 15% — from the current 25% that is levied across countries — as part of the deal, Reuters reported. Auto exports to the U.S. are a cornerstone of Japan’s economy, making up 28.3% of all shipments in 2024, according to customs data.
3. Trump Pushes Powell on Interest Rates During Tour of Fed — Donald Trump downplayed jostling with Federal Reserve Chairman Jerome Powell over cost overruns during a tour of the central bank’s renovation project, even as he used the interaction to again push for lower interest rates. The president’s visit was a rare spectacle and a public escalation of his clash with the central bank chief. While Trump has regularly lambasted Powell on social media — and pushed him over interest rates during a private White House meeting in May — Thursday’s visit offered him the chance to voice his concerns directly on the chairman’s own turf.
4. U.S. Durable Goods Orders Sink on Lower Aircraft Orders — total orders for goods made to last at least three years, such as automobiles, planes and electronic equipment, were 9.3% lower in June than in May, Commerce Department data said Friday. Economists polled by The Wall Street Journal expected an 11.1% slump. The slowdown in orders offset some of the upwardly revised 16.5% rise of May, much of which came from Boeing orders. That was shown in transportation equipment new orders falling 22.4% in June compared with May, with orders for nondefense aircraft and parts down 51.8%. Excluding transportation, durable goods orders increased 0.2% in June.
5. RFK Jr. to Oust Advisory Panel on Cancer Screenings, HIV Prevention Drugs — Kennedy plans to dismiss all 16 panel members of the U.S. Preventive Services Task Force because he views them as too “woke,” the people said. The task force has advised the federal government on preventive health matters since 1984. The Affordable Care Act in 2010 gave it the power to determine which screenings, counseling and preventive medications most insurers are required to cover at no cost to patients. The group, made up of volunteers with medical expertise who are vetted for conflicts of interest, combs through scientific evidence to determine which interventions are proven to work.

The week ahead — Economic data from Econoday.com:

“There is a time to go long, a time to go short and a time to go fishing.” – Jesse Livermore

1. US Core CPI Rises Less Than Expected Again on Drop in Car Prices — the consumer price index, excluding the often volatile food and energy categories, increased 0.2% from May, according to Bureau of Labor Statistics data out Tuesday. On an annual basis, it advanced 2.9%. Goods prices, excluding food and energy commodities, rose 0.2% after stalling in the prior month. Categories that are more exposed to tariffs, including toys, furniture, appliances and apparel, showed strength, suggesting companies are starting to pass higher import costs on to consumers. Meantime, prices of new and used cars declined. However, the slew of below-forecast inflation readings raises questions as to how broadly President Donald Trump’s tariffs will impact consumer prices. Some companies have been able to shield customers by stocking up on inventories ahead of the levies or absorbing part of the higher costs at the expense of lower margins.
2. US Producer Prices Stagnated on Decline in Services Costs — the producer price index was unchanged from a month earlier, after an upwardly revised 0.3% gain in May, according to a Bureau of Labor Statistics report released Wednesday. US wholesale prices rose 2.3% from a year earlier, the least since September. Excluding food, energy and trade services, the PPI was also flat. It increased 2.5% from June of last year — the smallest annual advance since late 2023.
The PPI report follows June consumer price data that showed higher tariffs are filtering through into a variety of categories that include household furnishings, appliances and recreational goods. While inflation has been mild so far this year, many economists expect it to gradually build as more companies attempt to offset higher trade costs.
3. US Retail Sales Surge in Broad Advance — the value of retail purchases, not adjusted for inflation, increased 0.6% after declines in the prior two months, Commerce Department data showed Thursday. That exceeded nearly all estimates in a Bloomberg survey of economists. Excluding cars, sales climbed 0.5%. Ten out of 13 categories posted increases, surprisingly fueled by motor vehicle sales, which climbed after back-to-back declines. Administrative data showed car sales fell in June and prices for new and used vehicles were down in the latest inflation data, defying economists’ expectations for autos to weigh on the headline retail figure.

The week ahead — Economic data from Econoday.com:

“Amateurs think about how much money they can make. Professionals think about how much money they could lose.” – Jack Schwager

1. Trump Says Aug. 1 Tariff Deadline Won’t Be Extended — President Donald Trump said he would not offer any extensions to a new August 1 deadline for the implementation of increased tariffs on many goods imported into the US. Trump began notifying trading partners of the new rates on Monday ahead of what was initially a deadline this week for countries to wrap up trade negotiations with his administration. But the new letters, unilaterally setting duties on countries that had failed to reach deals, came alongside an executive order delaying the tariff date for three weeks, effectively giving trading partners an extension for talks. Trump also said Monday night that his Aug. 1 deadline was “not 100% firm” when speaking with reporters, indicating then that he could be swayed by offers of additional concessions.
2. Copper Market in Turmoil as Trump Touts 50% Tariff on US Imports — the plan, announced in an apparently off-the-cuff comment to reporters, marks the latest twist in a tumultuous period for industrial commodities, as the US leader aims to encourage more mining and smelting at home. He’s already raised fees on steel and aluminum imports, while probes into flows of multiple other metals are in train. Since February, when Trump first laid out plans for the levies, global traders have sent record volumes of the metal to the US, targeting huge profits on cargoes that can be delivered before the tariffs land.
3. US, India in Talks on Trade Deal That May Cut Tariff Below 20% — the US is working toward an interim trade deal with India that may reduce its proposed tariffs to below 20%, people familiar with the matter said, putting the South Asian nation in a favorable position against its peers in the region. The statement would likely set a baseline tariff below 20% — compared with 26% initially proposed — with language that would allow the two sides to continue negotiating the rate as part of the final pact, the people said. The timing of an interim agreement is unclear. If finalized, India would be on a short list of trading partners that have secured deals with the Trump administration. US President Donald Trump has otherwise shocked dozens of trading partners this week by announcing tariff rates of as high as 50% in some cases ahead of an Aug. 1 deadline.
4. Trump Administration Says Immigrants in Country Illegally Can’t Access Head Start, Other Programs — the Trump administration is blocking immigrants in the country illegally from accessing early-childhood education program Head Start and a slate of other federal benefits and programs, Health Secretary Robert F. Kennedy Jr. said. Under the new HHS guidance, anyone in the country illegally would be barred from Head Start and other programs and grants, including homelessness assistance, Title X family planning, substance-abuse treatment and mental-health services. Some of the affected programs generally don’t ask participants about immigration status and instead use income and other verification requirements to determine eligibility. The practical impact of the change is expected to be relatively small as immigrants without legal status don’t qualify for most federal benefits. In February, President Trump issued an executive order aimed at preventing immigrants without legal status from obtaining taxpayer-funded benefits and directed agencies to identify any relevant federal programs.
5. Trump Threatens 35% Tariff on Some Canadian Goods — The U.S. will put a 35% tariff on imports from Canada effective Aug. 1, President Trump announced on Thursday evening. Trump previously applied 25% tariffs to non-USMCA goods and the new rate, announced in a letter to Canadian Prime Minister Mark Carney and posted on social media, would mean that number rises to 35%, the official said. The U.S. and Canada had been involved in talks to lower tariffs ahead of a self-imposed July 21 deadline. Trump’s letter stands to derail Carney’s efforts to set a better tone with the U.S. Trump had clashed with Canada’s former Prime Minister Justin Trudeau, whom he mocked as “governor,” a reference to Trump’s desire to make Canada the 51st state. He has had a better relationship with Carney, referring to him as a “gentleman” and a “nice man.” But the warmer tone hasn’t yet achieved Carney’s goal of lowering U.S. tariffs that have already hurt Canada’s economy.

The week ahead — Economic data from Econoday.com: