Much has transpired in North America since we released our traditional, playful holiday poem and at this rate, we may not be able to lose a month on lighthearted coverage. By the time this newsletter is published, it’s likely that another executive order, artificial intelligence (AI) breakthrough, government resignation, prorogation, tariff, or other market-moving development has emerged—somehow still managing to be absent from our 2025 bingo card. Among the latest disruptions, President Donald Trump’s tariffs on Canadian goods have created a new economic landscape, one that demands strategic adjustments rather than reactionary panic.

On Monday, Prime Minister Justin Trudeau resigned, and Parliament was prorogued. As a result, all Parliamentary activities, including committee sittings, have been terminated. All bills and motions before the House effectively “die on the Order Paper”.

T’was the night before rate cuts, and all through the street,
The markets were hoping for Powell’s retreat.

Bonds were hung by portfolios with care,
In hopes that soft landings soon would be there.

Investors were nestled, snug with their gains,
While Nvidia’s profits soared up like planes.

Has anyone ever seen a sequel that was better than the original? Let’s take a closer look at this yearend “blockbuster”. With former President Donald Trump’s recent re-election, the U.S. faces new economic priorities that could impact financial markets, everyday expenses, and long-term investments.

To our valued clients, we are trying something a little different this month. We have offered our market update in two formats – video or editorial. Please review both options below and let us know which one you prefer using