August 26, 2016 9:45 am eastern

Markets are reacting to a speech this morning from the FED chair after a meeting taking place at Jackson Hole, Wyoming.

Oil is at U.S. $47.82 or $61 Canadian dollars, a level that is not high but which is also not really low in the context of even the past 15 years. It’s just low compared to peak prices. This week, the Saudi energy minister made comments that lowered the expectation of a resumption of production declines (collusion price-fixing) by OPEC. Perhaps the oil industry has to learn to deal with something closer to the free market in oil that it has pretended has existed all along.

Canadian bank earnings continued to be surprisingly strong with lower than expected loan losses.