This report serves as a reminder that while we have come a long way from the depths of pandemic recession, there is still a long road ahead.

Craig Fehr

Volatility continues to rule the day, both to the upside and the... by Craig Fehr

Volatility continues to rule the day, both to the upside and the downside.

As we look out a little bit further, I think the backdrop is set for equity markets ... to inch higher.

When you consider the declines we've seen in the energy space, th... by Craig Fehr

When you consider the declines we've seen in the energy space, there is some value there.

In terms of the divergence between commodity prices and the performance of the energy stocks, it's a reflection of some rotation that we're seeing in the market.

I do think equities can move higher, it's just going to be a more volatile ride and certainly the gains are going to be lower than we've seen in past years.

We know that going into the weekend with the potential for some uncertainty coming from the Greek referendum vote that investors might be positioning portfolios ahead of some of that volatility that might come at the beginning of next week.

It was solid, but I wouldn't say it was overly inspiring of confidence, so we're seeing some investors rotate back into some of those names where they might feel more comfortable with if the Fed isn't going to hike sooner rather than later.

Markets in the last two days have been caught in the crossroads of Greece, the uncertain implications of its debt problems on the future of the euro zone, and the employment figures - better North American job growth driving further speculation around the timing of an upcoming Fed rate hike.

Volatility has been the clear result as the markets try to digest... by Craig Fehr

Volatility has been the clear result as the markets try to digest these issues.

The punitive effect of oil prices on the energy industry are the beneficial effects that accrue to the consumer.

The impact will be pervasive across the economy, we could see businesses become more confident, be willing to invest in future projects, expand into new markets and have the ability to access capital at low interest rates.

We are seeing markets rally on the premise that while the situation in China particularly with Evergrande is not going away, the outcome is not perhaps going to be as severe or prompt some form of contagion that was originally feared, you combine that with the fact that the tone that the Fed struck yesterday at its meeting suggests that while a reduction in stimulus is certainly coming, the Fed is not particularly eager to start tightening policy dramatically in the near term.

If you look at the stock market and industries like housing, you might feel like the economy is back on its feet. But there is still enough slack in the job market to prevent any short-term inflation, i don't think inflation will be a predominant risk.

Longer-term, the risks of inflation can not be overstated. The market is expecting incredible levels of The Fed stimulus for an extended period of time, if you ask me what usually keeps me up at night, it's inflation.