The Cynic: September 17

BUSINESS
This Week’s Business News

The Bank of Canada just cut rates again—because apparently maple syrup isn’t enough to sweeten the economy.

The central bank trimmed its benchmark by 25 bps to 4.25%, its second cut in as many months, citing slower growth, weaker hiring, and consumer fatigue. Governor Tiff Macklem said he’s ready to cut further if risks rise, which is central banker code for “we’ll throw everything at this before people riot at Tim Hortons.”

Canada’s economy has been wobbling under the weight of high borrowing costs, with housing in particular looking like a bubble that forgot how to inflate. A small cut won’t fix affordability, but it does take a bit of pressure off mortgage holders gasping at their renewal notices.

The loonie barely reacted, because FX traders have bigger obsessions—namely, whatever Powell is planning next week. In global markets, Canada is the polite background character.

Wells Fargo got its banker back from China—finally, an international incident that didn’t need a Netflix mini-series.

Peter Stephen Humphrey, a Wells Fargo exec, was stuck in China for years under a travel ban tied to an ongoing probe, only now winning the right to leave. The U.S. had pressed Beijing for his release, making him a bargaining chip in the ever-tense economic relationship.

It’s not unusual for foreign businesspeople to face travel restrictions during sensitive investigations in China, but this one dragged on long enough to make even seasoned diplomats twitch.

Humphrey is back, the case is closed, and Wells Fargo can finally stop explaining why one of its bankers was on an involuntary staycation.

Waymo is taking its robotaxis to Nashville—because nothing tests autonomy like Broadway at 2 a.m.

Alphabet’s Waymo announced it will roll out driverless rides in Nashville through the Lyft app, making it the latest city after Phoenix, LA, and San Francisco. It’s a bold choice: Nashville’s streets are full of scooters, tourists, and honky-tonk revelers who think “crosswalk” is a suggestion.

The cars will operate without safety drivers, which means you’ll soon be able to hail a ride that never asks if you’re a musician while still getting stuck behind a pedal tavern.

Lyft calls it innovation, but skeptics note the obvious: teaching AI to handle aggressive Uber drivers is one thing; teaching it to dodge drunk bachelorettes with inflatable guitars is another.

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REAL ESTATE
This Week’s Real Estate News

The Fed is expected to cut rates—and politely update its take on Trump’s economic plan while it’s at it.

Markets are almost certain the Fed will deliver at least a quarter-point cut this week, its first since 2020, as inflation cools and growth softens. Alongside that, the Fed will release fresh economic projections, factoring in Trump’s fiscal policies and their effect on growth and debt.

The tricky part is tone. Too big a cut and markets think the economy’s falling apart; too small and everyone asks why we still need Powell.

Expect Powell to walk a very fine line: offering relief to borrowers while not sparking a celebratory meme war on Wall Street.

U.S. single-family housing starts just hit near 2.5-year lows—because even builders know when to stop making McMansions.

August data showed construction fell to 904,000 units, the weakest pace since early 2022. Builders are pulling back amid excess supply, high mortgage rates, and sluggish buyer demand. The irony? Just two years ago everyone complained there weren’t enough homes.

Multifamily construction held steady, but single-family is where the pain is, with developers shelving projects before they become subdivisions of tumbleweeds.

It’s not a collapse, but it is a clear signal that the housing market is choking on its own pricing. At this rate, the only thing going up in new builds is the square footage of the garage.

Treasury’s Scott Bessent has a mortgage messaging problem—he promised cuts and hikes, sometimes on the same day.

Bloomberg reported that Bessent, the new Treasury undersecretary, told one audience that mortgage rates would come down under Trump’s policies, while suggesting to another group that higher-for-longer was here to stay.

Investors, already confused by Fed speak, are now trying to decode whether this is strategy or improv. The contradiction is fueling speculation about whether the administration’s housing stance is settled policy or just a very chaotic brainstorming session.

Either way, markets hate mixed signals. Homeowners want clarity, not riddles, and Wall Street wants forecasts, not stand-up comedy. For now, they’re getting both.

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ADVICE
This Week’s Business Advice

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