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Alan Greenspan passed away on June 22nd. He was 100. Dubbed the “maestro” for his almost two decades as the Federal Reserve chair when the American economy flourished. He got help from his predecessor’s victory over unrestrained inflation and technological changes during the internet era that boosted productivity. Greenspan smartly relied on intuition and data analysis from information that he gathered from businesses, consumers, and investors.

Read the entire July 2026 Market Observer here.

FOOTNOTES:

1. Source: Stevenson, Richard. (2026, June 22) Alan Greenspan, Fed Chairman Through Prosperity and Crisis, Dies at 100.
2. Source: rev. (2026, May 24) Fed Chair Kevin Warsh’s Swearing-In Ceremony.
3. Source: Schleid, Taylor and Currie, Ethan. (2026, June 17) Fed Policy Monitor – There’s a task force for that.
4. Source: Timiraos, Nick. (2026, June 27) Kevin Warsh Invokes Alan Greenspan to Shrink the Fed—and Strengthen Its Chair.
5. Source: Kirsch, Jason. (2026, June 2) AI Spending Is Surging Faster Than Revenue And Markets Are Repricing.
6. Source: Smith, Colby and Romm, Toby. (2026, June 29) Supreme Court Victory for Fed Still Leaves It Vulnerable to Trump.
7. Source: Ramboll and Global Infrastructure Hub. Gordie Howe International Bridge (United-States – Canada).
8. Source: Kitching, Heather and Cochrane, David. (2026, July 10) Gordie Howe International Bridge to open July 27, Ottawa confirms
9. Source: Livengood, Chad. (2026, June 30) Why is the Gordie Howe bridge not open yet? It’s complicated.
10. Source: Antoneshyn, Alex. (2026, March 26) More housing inventory pushing developers to offer incentives like free mortgage payments
11. Source: Alini, Erica. (2026, July 4) Condo developers are offering big discounts in exchange for signing NDAs.
12. Source: Tal, Benjamin and Judge, Katherine. (2026, Feb 18) Canadian housing: Anatomy of a correction
13. Source: Michalski, Mark. (2026) Concerns regarding Toronto condos.
14. Source: Statistics Canada. Table 34-10-0145-01 Canada Mortgage and Housing Corporation, conventional mortgage lending rate, 5-year term,

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The U.S. Federal Reserve (Fed) entered a new era in May as Kevin Warsh succeeded Jerome Powell as Chair. Powell, who held the position since 2018, leaves the role following an up-and-down tenure. His record is highlighted by how he dealt with the COVID-19 pandemic shock, the inflation surge that resulted in its aftermath and his public clashes with the President.

Read the full July 2026 Corporate Bond Newsletter here.

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Oil markets were rocked following President Trump’s initial strikes on Iran. Global benchmark levels quickly rose over 60% in price, surpassing US$100/barrel for the first time since July 2022. As the U.S. and Iran grapple over the Strait of Hormuz, the price of oil continues to whipsaw. Investors are actively assessing the length of the conflict, damage to infrastructure in the region, and the supply response from other areas globally.

The market is on a knife’s edge guessing where the next decision will land. Open the Strait and unlock a barrage of petroleum waiting to hit markets, and the price will likely plunge. Keep the Strait closed and threaten damage to regional infrastructure, and the price is sure to spike. The belief is that the current price is reflecting a binary outcome where oil will be either much higher, or much lower, depending on the outcome of the war. Nevertheless, there is little debate about the long-term impact of higher energy prices on inflation. The bond market is acknowledging this dire position.

Read the full Corporate Bond Newsletter here.