After today's jobs numbers, the gloom train is about to leave the station. With tariffs rattling the labour market, economists are now elbowing each other for window seats on the Pessimism Express. Here were the mostly dreary details: * Job change: +7,400 (est. +2,500 | prior -32,600)

Apart from the Bank of Canada's Financial Stability Report—where Governor Macklem warns that trade uncertainty is the new national pastime—there were no other notable Canadian releases on Thursday. Here's what else nudged yields, and in which direction:

The Donald won't be happy. As almost unanimously expected, the FOMC left its target rate at an average of 4.375%.

Canadian rates barely moved after today's 2:00 p.m. ET Fed decision. The reason: Fed Chair Powell's messaging was as revelatory as reruns of "The National"; markets had seen this episode before. Nonetheless, we did spot a few subtle but important twists in