The new Fed Chair, Kevin Warsh, brings unconventional views on inflation measurement and has expressed a preference for trimmed measures, at a time when inflation has remained above target for five years.
In the current environment, the Dallas Trimmed PCE exhibits a downward bias following a succession of supply-side shocks since 2020 and was also slow to capture the 2021 inflation surge. A shift in the Fed's preferred inflation gauge could therefore raise credibility concerns.
Fitch Ratings has affirmed Banque de Commerce et de Placements SA's (BCP) Long-Term Issuer Default Rating (IDR) at 'BBB-' with a Stable Outlook. It has also affirmed BCP's Viability Rating (VR) at 'bbb-'.
Copper is no longer just a traditional metal. It has become a strategic resource for the next generation of technologies.
The recent surge in copper prices reflects complex dynamics that are both extraordinary and structural: supply and demand pressures from the Middle East conflict, operational constraints in major producing countries and accelerating demand driven by AI and electrification as a whole.
In a year marked by heightened volatility, geopolitical uncertainty and shifting market conditions, the Bank maintained a prudent and disciplined approach, prioritising risk management, liquidity and the quality of our business.
While results moderated compared to the exceptional levels of 2024, they remain solid and reflect the resilience of our model and our long-term focus.
With more than six decades of experience navigating market cycles, we remain confident in our ability to adapt and continue serving our clients with stability and commitment.
