Dear Friends,
Tangents:
Carolann is away from the office today; I will be writing the newsletter on her behalf.
September 17, 1789: William Herschel discovers Saturn’s moon Mimas using his 40-foot reflector telescope
September 17, 1911: First airplane flight across the US from New York to Pasadena, California, in 82 hours and 4 minutes
September 17, 1937: First NFL game in Washington, D.C.; Redskins defeat NY Giants 13-3
September 17, 1956: Television is first broadcast in Australia
September 17, 2003: New York Stock Exchange chairman Dick Grasso resigned amid a furor over his $139.5 million pay package. Go to article
Skyscraper-size asteroid previously predicted to hit us in 60 years will zoom past Earth on Thursday — and you can see it live
The “potentially hazardous” asteroid 2025 FA22 will fly close past Earth at more than 24,000 mph on Thursday (Sept. 18). The space rock was previously predicted to have a slim chance of impacting our planet in 2089, temporarily earning it the top spot on a major risk list.
‘A genuine surprise’: Near-Earth asteroid Ryugu once had ‘flowing water’ that transformed its insides
A new analysis of asteroid Ryugu hints that the “potentially hazardous” space rock once had flowing water in its core, possibly leftover from the impact that created it.
1,900-year-old ‘treasure’ found in Roman-era family’s scorched house in Romania
A discovery in Romania shows the remains of an elite family’s treasures from the Roman era that were scorched in a fire.
‘This needs to happen fast’: Scientists race to cryopreserve a critically endangered tree before it goes extinct
Less than 400 angle-stemmed myrtle specimens remain in the wild in Australia. Scientists are working on ways to preserve the species so that we can bring it back at any point if it dies out.
Grumpy-looking Pallas’s cat photographed by camera trap in stunning photo from eastern Himalayas
The Pallas’s cat is just one of several wildcats spotted in Arunachal Pradesh, which also supports snow leopards, common leopards, clouded leopards, leopard cats and marbled cats.
PHOTOS OF THE DAY
Peshawar, Pakistan
A herder cools off his cattle in a river during a hot day
Photograph: Bilawal Arbab/EPA
Galaxies, runner-up: Cosmic Coincidences by Deep Sky Collective
The Deer Lick region, home to NGC 7331 and the famous Stephan’s Quintet, makes for a stunning display of galactic interaction. Over six months, 12 photographers and a dedicated processing team worked to integrate nearly 600 hours of exposure to reveal these faint details at the Dark Sky New Mexico observatory in the US
Cromer, Norfolk
‘A couple enjoying the pier and sheltering from the sun on a particularly warm day.’
Photograph: Catherine Walton
Market Closes for September 17th, 2025
| Market Index |
Close | Change |
| Dow Jones |
46018.32 | +260.42 |
| +0.57% | ||
| S&P 500 | 6600.35 | -6.41 |
| -0.10% | ||
| NASDAQ | 22261.33 | -72.63 |
| -0.33% | ||
| TSX | 29321.66 | +6.43 |
| +0.02% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 44790.38 | -111.89 |
| -0.25% | ||
| HANG SENG |
26908.39 | +469.88 |
| +1.78% | ||
| SENSEX | 82693.71 | +313.02 |
| +0.38% | ||
| FTSE 100* | 9208.37 | +12.71 |
| +0.14% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.188 | 3.150 |
| CND. 30 Year Bond |
3.610 | 3.587 |
| U.S. 10 Year Bond |
4.0872 | 4.0279 |
| U.S. 30 Year Bond |
4.6901 | 4.6486 |
Currencies
| BOC Close | Today | Previous |
| Canadian $ | 0.7261 | 0.7278 |
| US $ |
1.3772 | 1.3740 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 1.6283 | 0.6141 |
| US $ |
1.1823 | 0.8458 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
3695.40 | 3657.65 |
| Oil | ||
| WTI Crude Future | 64.05 | 64.52 |
Market Commentary:
On this day in 1998, stocks took a worldwide pounding after Fed Chairman Alan Greenspan told Congress that there were no plans for coordinated global interest-rate cuts. Despite the Russian debt crisis, Greenspan said he saw no immediate need to relieve the “peripheral gusts” of “financial turmoil.” The Dow slumped 2.7% to 7874. Analysts were pessimistic, but in three weeks U.S. stocks bottomed then went straight up.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite advanced slightly to 29,321.66 in Toronto.
The move follows the previous session’s decrease of 0.4%.
Barrick Mining Corp. contributed the most to the index gain, increasing 2.3%.
Energy Fuels Inc/Canada had the largest increase, rising 4.8%.
Today, 84 of 210 shares rose, while 119 fell; 6 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index rose 19%, heading for the best year since 2021
* This quarter, the index rose 9.2%
* The index advanced 24% in the past 52 weeks. The MSCI AC Americas Index gained 18% in the same period
* The S&P/TSX Composite is at its 52-week high and 31.9% above its low on April 7, 2025
* The S&P/TSX Composite is up 0.5% in the past 5 days and rose 5.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.8 on a trailing basis and 18.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.69t
* 30-day price volatility fell to 6.57% compared with 7.32% in the previous session and the average of 9.48% over the past month
Index Points
Financials | 13.1324| 0.1| 16/7
Energy | 11.6564| 0.2| 16/23
Consumer Discretionary | 4.6549| 0.5| 4/5
Communication Services | 3.5288| 0.6| 4/1
Health Care | 0.2434| 0.4| 2/0
Utilities | 0.0595| 0.0| 6/6
Materials | -0.5600| 0.0| 14/33
Real Estate | -2.0940| -0.4| 3/15
Consumer Staples | -3.0038| -0.3| 4/6
Information Technology | -9.8664| -0.3| 5/5
Industrials | -11.3186| -0.3| 10/18
Barrick Mining | 11.0700| 2.3| 41.5| 82.3
TD Bank | 10.8500| 0.8| -47.4| 41.1
Shopify | 10.4900| 0.6| 37.6| 33.1
Manulife Financial | -6.8320| -1.3| -6.6| -3.3
Celestica | -7.3590| -2.6| 5.2| 156.9
Constellation Software | -10.1500| -1.7| -31.6| -3.7
(MT Newswires)
The Toronto Stock Exchange recovered more than 120 points over the last hour of trading Wednesday and closed modestly higher, buoyed by the prospect of at least one other interest rate cut coming from the Bank of Canada before the end of 2025
Wednesday’s gains on the resources-heavy S&P/TSX Composite Index came despite lower commodity prices, mixed sectors and even as RBC said the Bank of Canada Governing Council members were “cautious cutters” today in reducing the overnight target by 25 basis points to 2.5%, a first cut since March.
At the final bell, the Composite Index was up just 6.43 points to 29,321.66, but it had been down near the 29,200 level near 3pm Eastern time and looked set to post back-to-back losses for the first time since August 19 and 20.
Since then, the TSX has posted a succession of record closes, the most recent at 29,431.02 on Monday.
Of commodities, gold had moved down from a record high later afternoon Wednesday ahead of the Federal Reserve’s own interest rate cut, the first from it this year.
Gold for December delivery was down $30.70 to US$3,644.40 per ounce, falling off Tuesday’s record high.
Also, West Texas Intermediate closed lower following three days of gains, sticking within the tight range it has mostly remained within for more than a month, even as a report showed a much larger than expected drop in U.S. oil inventories and the Fed cut. WTI crude oil for October delivery closed down $0.47 to settle at US$64.05 per barrel, while November Brent crude was last seen down $0.56 to US$67.91.
On Canadian interest rates, National Bank noted that last month, just 7 basis points of easing was priced for the September decision, but the near-term rate outlook changed quickly after a weak Labour Force Survey and GDP report.
National Bank said with yesterday’s CPI report ushering in some encouraging inflation developments, the decision to ease today was an obvious one.
The rate statement reflects this shift as policymakers cite a weaker economy and a shifting balance of risks in justifying the decision to ease.
Moreover, Bank Governor Tiff Macklem said the cut was supported by a “clear consensus”, National Bank added.
National Bank noted conventional wisdom says that if you’re going to cut once, you’re probably going to go again, asking: does a single 25 bp move the needle in significant fashion?.
It noted the empirical record supports this view as the only time the BoC has held, then cut, then held was the mini 2015 easing cycle when the policy rate was at or below 1%.
National Bank said the BoC is trying to temper easing expectations as they removed the line from the July release that said, “there may be a need for a [rate] reduction”.
Still, National Bank added,it expects a follow-on cut in October.
National Bank said: “And while our base case outlook entails a 2.25% terminal rate (i.e., just one more cut), risks have clearly swung towards more easing being delivered.
Finger in the air, we’d assign a 40% probability to the terminal rate settling at 2% (or lower).
Incoming economic/inflation data, an October Business Outlook Survey, Canada-US trade developments and a fall budget will all help guide that view.”
As far as the BoC’s other policy levers are concerned, National Bank was not surprised to see the deposit rate left unchanged relative to the overnight target despite CORRA setting well above target all month.
It recalled that earlier CORRA pressures persisted for months before a deposit rate cut was deemed necessary.
This month, National noted, the BoC has not really tried to address higher repo rates with their usual tool (overnight repo operations) so there didn’t seem to be enough concern to warrant an adjustment.
Meanwhile, it also noted, the BoC did not announce it would be restarting treasury bill purchases, though National still anticipates that decision will come relatively soon in line with guidance from Deputy Governor Toni Gravelle.
Just before the close of trade, BMO Capital Markets published a note saying it also suspects rates won’t stay here, with the BoC likely to cut further in the months ahead.
BMO’s official call is two more cuts to 2.0%.
According to BMO, it’s not clear that the neutral range is stable.
BMO suspects that the BoC could clip that range next year by 25 basis points, in part due to milder potential GDP on much slower population growth.
But elsewhere, RBC published a note entitled ‘BoC – Cautious Cutters’ noting there was no direct forward guidance, but that the BoC “owned” the cut, emphasizing there was a clear consensus for the move and that it was consistent with “a weaker economy and less upside risk to inflation”.
Importantly, RBC said, the BoC’s current assessment of underlying inflation, at 2.5%, was unchanged from July so they said they will “proceed cautiously” and remain data dependent.
The door is open to an October cut, RBC added, noting they probably need to see stronger growth/labor markets to not move again in this cycle, while the timing of the Federal Budget, after the October BoC meeting, provides additional scope. “However, they are cautious cutters and any easing should be viewed through the lens of adjustment style moves.”
US
By Rita Nazareth
(Bloomberg) — Wall Street emerged largely unshaken from a high-stakes Federal Reserve meeting, as policymakers delivered a well-telegraphed rate cut that elicited muted moves across markets.
The announcement was followed by Jerome Powell’s remarks, underscoring the tension between the Fed’s two mandates that suggested “there’s no risk-free path” ahead.
After briefly rising, the S&P 500 fell by a mere 0.1%, weighed down by tech.
Bonds saw small losses.
It was the seventh straight time the dollar rose on a Fed Day, the longest such winning streak since 2001.
The reaction reflected a central bank striking a temperate posture — acknowledging cooling in the labor market and signaling it will remain data-dependent amid price risks.
The Federal Open Market Committee voted 11-1 to cut the target range for the federal funds rate to 4%-4.25%.
Looking ahead, Powell said the Fed was now in a “meeting-by-meeting situation.”
Policymakers now see two additional quarter-point cuts this year.
That’s one more than projected in June.
They foresee one quarter-point cut in 2026 and one in 2027.
They also slightly upgraded their median outlook for growth in 2026.
They also forecast modestly higher inflation next year.
Wall Street’s Reaction:
* Art Hogan at B. Riley Wealth: As this is very much within consensus, we may see some short term “buy the rumor/sell the news” reaction in markets.
* Bret Kenwell at eToro: In-line, in-line, in-line. The Fed delivered exactly what the market was expecting. Will we see a classic “sell the news” reaction to the Fed announcement, particularly in the seasonally weak month of September? While markets could use a breather, bulls will likely line up to “buy the dip” provided that the economy avoids a recession and earnings expectations continue higher.
* Ryan Detrick at Carson Group: The door is open to more cuts later this year, but it is clear they are now more worried about the slowing labor market than inflation. All in all, today’s news didn’t rock the boat and there were no curve balls.
* Gina Bolvin at Bolvin Wealth Management Group the Fed’s 25 basis point cut is a clear signal: the softening labor market and stubborn inflation have pushed policymakers to act — but gradually. This isn’t a pivot; it’s a measured step. For investors, this means modest rate relief, not fireworks. Rate-sensitive sectors like housing and consumer discretionary may benefit, but caution remains key. The Fed is walking a fine line, and upcoming inflation and jobs data will determine what comes next.
* Peter Tchir at Academy Securities: Everyone is just trying to digest things. A lot of algos are whipping things around. It does seem that a lot of dovishness was already priced in.
* Christian Chan at AssetMark: The dovish tone of the statement gave way to a more balanced message in the press conference during which Powell highlighted the risk that tariff-related inflation could be more than a one-time event. Overall, today’s Fed action could be viewed as “goldilocks” move for the markets – growth expectations higher, the Fed is very aware of the risks to both the labor market and inflation, more rate cuts to come.
* Ronald Temple at Lazard: Investors should beware of taking the “dot plot” to the bank, as this is clearly an FOMC where the policy path is still unclear and where rising inflation could lead to a very different outlook in the months ahead.
* Steve Wyett at BOK Financial: Overall this move by the Fed was widely expected. So, it is not surprising the market reaction in stocks and bonds is a bit muted. Powell’s tone and words in his press conference do indicate this was more a defensive move to avoid more weakness in the labor market and not one designed to spur a lot more growth. We think growth will be fine anyway.
* Dan Siluk at Janus Henderson Investors: The dot plot now implies two more cuts this year, but Powell downplayed its significance, framing the outlook as “more balanced” rather than decisively tilted toward labor market risks. Markets may welcome the easing bias, but the messaging remains nuanced and far from a full pivot.
* Eric Teal at Comerica Wealth Management: Monetary policy actions were in line with our expectations with additional stimulus on the horizon. We are watching long rates closely as we anticipate the yield curve will steepen which bodes well for value-oriented sectors and smaller companies as the market broadens out.
* Jim Baird at Plante Moran Financial Advisors: For now, boosting labor conditions is taking center stage. The path back to 2% inflation continues to lengthen, and the Fed’s dovish announcement today sends a clear message that they’re willing to live with moderately elevated inflation in the near term.
* Luis Alvarado at Wells Fargo Investment Institute: The restart of the rate cycle had been priced in the bond market expectations well in advance. The threat of having both inflation and unemployment rising simultaneously continues to create a big headache for the Fed’s interest rate policy. Under this level of uncertainty, we believe fixed-income investors may benefit from being exposed to the intermediate portion of the curve (3–7-year maturities), striking the best balance between attractive yield and less sensitivity to potential interest rate risk.
* Jeff Roach at LPL Financial: Investors are taking this decision in stride. As the risks to labor markets rise, we should expect further cuts in October and December.
* Simon Dangoor at Goldman Sachs Asset Management: The skew of the dot plot indicates that the Fed is likely to deliver 25bp cuts in October and December on top of today’s reduction. It would take a significant upside surprise in inflation or labor market rebound to take the Fed off its current easing trajectory.
Corporate Highlights:
* China’s internet watchdog has instructed companies including Alibaba Group Holding Ltd. and ByteDance Ltd. to terminate orders for Nvidia Corp.’s RTX Pro 6000D, the Financial Times reported, citing people with knowledge of the matter.
** This is a “counterproductive development,” US House Speaker Mike Johnson told CNBC.
* Apple Inc.’s smartphone sales in China in the weeks leading up to the iPhone 17 launch fell 6% from the year-earlier period, a deeper slump than is typical ahead of a new flagship product release.
* Reddit Inc. is in early talks to strike its next content- sharing agreement with Alphabet Inc.’s Google, aiming to extract more value from future deals now that its data plays a prominent role in search results and generative AI training.
* United Airlines Holdings Inc. Chief Executive Officer Scott Kirby says a lack of new aircraft is impeding his plans to modernize the fleet and cash in on booming premium travel.
* Cracker Barrel Old Country Store Inc. offered sales guidance for the current fiscal year that missed expectations, suggesting the brand is still dealing with the fallout from its controversial logo change.
* General Mills Inc. posted a solid quarter but kept its outlook in place as the maker of Cheerios cereal called out consumers being cautious from economic uncertainty.
* Patients on Eli Lilly & Co.’s experimental diabetes pill lost more weight and had better blood sugar control than those on an older, approved rival from Novo Nordisk A/S in the first head- to-head trial of the two medicines.
* Gemini Space Station Inc. shares extended declines Wednesday to fall below its initial offering price within days of debuting as a public company in the US, tracking some cryptocurrency- related stocks lower.
* WaterBridge Infrastructure LLC shares rose 14% in their trading debut after the water infrastructure company raised $634 million in an initial public offering that priced at the top end the marketed range.
* Lyft Inc. is partnering with Waymo for the first time to offer robotaxi service in Nashville starting next year, a deal that helps it better compete with rival Uber Technologies Inc.
* General Motors Co. is in preliminary talks to renew its longtime joint venture with China’s SAIC Motor Corp., signaling the US automaker’s budding optimism about its business in the world’s largest auto market after years of decline.
* StubHub Holdings Inc. priced its initial public offering at the midpoint of a marketed range to raise $800 million, capping co-founder Eric Baker’s years-long pursuit of a listing for the ticket-selling platform.
* Artificial intelligence chip startup Groq Inc. raised $750 million at a post-funding valuation of $6.9 billion, highlighting investor interest in companies seeking to alleviate a shortage of chips and computing power for AI workloads.
* Rithm Capital Corp. agreed to buy Paramount Group Inc., an office landlord in New York and San Francisco, for about $1.6 billion.
* Manchester United, the Premier League’s fallen giant, is struggling to keep tabs with its larger rivals after revenues flat-lined and losses continued to mount.
* British drugmaker GSK Plc pledged to invest $30 billion in the US over the next five years, making the announcement as President Donald Trump arrived in the UK for a highly anticipated state visit.
* AstraZeneca Plc’s Fasenra failed to meet its goal in a late- stage trial of patients with chronic obstructive pulmonary disease for a second time, a blow to the drugmaker’s efforts to expand the market for the asthma treatment.
* Abu Dhabi National Oil Co. walked away from a proposed $19 billion offer for Australian natural gas producer Santos Ltd., saying a “combination of factors” discouraged it from making a final bid.
Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 fell 0.2%
* The Dow Jones Industrial Average rose 0.6%
* The MSCI World Index fell 0.2%
* Bloomberg Magnificent 7 Total Return Index fell 0.4%
* The Russell 2000 Index rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.3% to $1.1826
* The British pound was little changed at $1.3638
* The Japanese yen fell 0.2% to 146.76 per dollar
Cryptocurrencies
* Bitcoin fell 1% to $115,693.15
* Ether rose 0.5% to $4,523.64
Bonds
* The yield on 10-year Treasuries advanced three basis points to 4.06%
* Germany’s 10-year yield declined two basis points to 2.68%
* Britain’s 10-year yield declined one basis point to 4.63%
* The yield on 2-year Treasuries advanced four basis points to 3.54%
* The yield on 30-year Treasuries advanced one basis point to 4.66%
Commodities
* West Texas Intermediate crude fell 0.9% to $63.94 a barrel
* Spot gold fell 0.8% to $3,661.40 an ounce
–With assistance from Sid Verma, Denitsa Tsekova, Vildana
Hajric and Lu Wang.
Have a lovely evening everyone.
Be magnificent!
As ever,
Shab
” The art of statesmanship is to foresee the inevitable and to expedite its occurrence.” — Charles-Maurice de Talleyrand
Shab Mohammadpour
Assistant to Carolann Steinhoff
Queensbury Securities Inc.
340A – 730 View Street
Victoria BC V8W 3Y7
Tel: 778-430-5851
Fax: 778-430-5828