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Single best idea, which is it was an odd week into an odd weekend. Already on Friday as we tape, I'm like looking into next week and tech earnings after the absolutely extraordinary moment that is Intel. I'll be honest, I did not see it coming. A lot of different cross themes here, and of course on the War Special thanks to Margaret Brennan and CBS and Face the Nation. We do that on Bloomberg Radio at two pm in Washington, New York and Boston on Sunday afternoon with Margaret Brennan.
But just a cacophony of themes that are out there. Francis Donald was with us. She's in Montreal with the Royal Bank of Canada. Has an always good look at the United States economy. We started on onerous tariffs on aluminium in Quebec.
In Canada, we've got aluminum steel, some on autoos and lumber, and yet the economy has been largely resilient to this trade shock. So far. It has benefited from again narrow trade shock, fairly deep, lots of fiscal money in the pipeline, lots of rate cuts that came through and Canada's stock market hidden all time high, helped by gold and balance sheets are doing better. So the economy actually produced more jobs.
Canada produced more jobs in twenty twenty five than the United States, and perhaps most importantly, inflation is back down around two percent. By the way, Canada one tenth the size of the US, so some resilience, there are some pivoting, diversification of trade, and you know you've mentioned some of the sentiment up in Canada. Also a real big pullback in Canadians visiting the United States twenty five percent, and if you were, Canadians headed down to the US, so
lots still in play. We've got these big negotiations, but focus on the longer trends. There's some good things going on as well.
Francis Donald of OURBC on we went to Jordan Rochester of Miszoo. A broad theme here of what foreign exchange says about the market, but at the end of the day, and particularly with Miszoo out of Tokyo, a look at the stressor that's out there on my Bloomberg launch pad, looking at equities, bonds, currencies and commodities, and that's a
Japanese yen for global Wall Street. There's a real tension here of an ever weaker yen that's holding on it wants to go weaker one sixty one sixty one, or doesn't want to go stronger and plunge down to a strong yen one p. Fifty two here Jordan Rochester.
While the Finance Minister Katyama has been threatening the idea or teasing the idea of ethics intervention going all the way back to October November December last year and we still are yet to have it. But it makes it really difficult to sell the en if you're fighting the government, if you do not want to be on the other.
Side of that trade.
The day that dolly n tanks three percent, and that's why it's been so boring to watch Dollian on the tape and just drifting between one fifty eight and one sixty. I think they won't need to. I think when we get to one sixty the market starts to slow down. If for some reason, Tom we got to one sixty one, one sixty two, let's say the war restarts and that kind of got us to those levels, then I could see them doing it. But I don't see the motivation for them to actually spend the money right now, I
just need to talk it down. It's working.
Jordan Rochester of Missoul and Podcasts. We're on Apple, we're on Spotify, on YouTube podcasts. It's single best idea.