Not all of our clients and friends will be celebrating a Civic Day long weekend, and I tend to think that this is less of a holiday than a reminder that summer is going by way too fast. As we close the books on July, we are deviating from our usual weekly format and spending some time this week reflecting on the quarter that we left. And the focus is not going to be on the economy or markets, although I will provide some thoughts on this week’s FOMC meeting at the end of the newsletter. Rather, I want the team to provide you with their own highlights during Q2 and how they see things. I hope you enjoy their reflections.

Ally

As I reflect on the first half of 2026, I’m incredibly grateful for the opportunities I’ve had to connect, learn, and grow alongside so many wonderful people. A true highlight was hosting our 2nd annual Women, Wealth and Wellbeing event. Bringing together such an inspiring group of ladies to have open conversations about financial well-being, personal wellness, and building confidence. A true reminder that wealth is about so much more than numbers—it’s about creating the freedom to live the life you want.

Another memorable experience was attending due diligence conference in May, where I had the opportunity to hear directly from some of the industry’s leading portfolio managers. While perspectives naturally varied across asset classes and markets, one theme stood out: an encouraging and unanimous sense of optimism about Canada’s long-term outlook. It was a valuable reminder that beyond the daily headlines, disciplined investing and thoughtful business planning continue to create opportunity.

Tammy

I had a busy and rewarding quarter, with much of the summer spent at the football field with the Peterborough Wolverines. Both of my sons played in the OSFL this season in the U10 division (Drew) and U16 division (Max), so football was a big part of family life over the past few months. I continued as U10 Team Manager, while my husband, Mark, served as Offensive Coordinator. As the fall season gets underway in August, we’ll both be continuing in those roles and are looking forward to another season centered around rep football — a family passion that brings everyone together.

Outside of football, Max also had a great track season with Holy Cross Secondary School, qualifying for the Eastern Regional Championships in the 200m — a great milestone. Although he couldn’t compete because of a scheduling conflict with a football trip to Sault Ste. Marie, qualifying was still a meaningful accomplishment and a reflection of all his hard work. He’s now excited to get back on the field with Holy Cross football this fall.

At home, the family also welcomed a new kitten, Oddy (short for Odyssey), who has already brought lots of personality and energy to the house. She joins her sister, Illie (Iliad), and has been a sweet addition to the family. Oddy arrived shortly after they said goodbye to their beloved cat, Homer, and has continued the family’s literary naming tradition in a fun and meaningful way.

Hayley

I’ve been enjoying the spring and summer season by spending as much time as possible with family and taking advantage of opportunities to relax, recharge, and make lasting memories. One of the highlights was taking my mom to Jamaica for a week filled with relaxation, sunshine, and fun. It was a wonderful opportunity for us to spend quality time together and enjoy a well-deserved getaway. We also took a trip to see the Mirvish Production of Moulin Rouge! in Toronto. As a musical theatre fan, I feel very fortunate to have Broadway-calibre shows close by and try to see them whenever I can.

I’ve also loved spending time with my four- and six-year-old nieces, including taking them to see Lindsay’s production of Shrek the Musical. It was such a fun experience to share with them, and they were absolutely delighted by the performance. Although they wished they could have brought their little brother along, at just 11 months old, he is still a bit too young to fully appreciate the magic of live theatre.

Jaclyn

The second quarter of the year felt full in the best possible way. I spent much of it diving into my new role as a Rotarian with the Rotary Club of Cobourg, and it has already been such a rewarding experience. Becoming part of the club has given me the opportunity to meet new people, build meaningful connections, and expand my network while contributing my time to support local events and community initiatives. It has been inspiring to be surrounded by individuals who are so committed to service, and I’ve truly enjoyed finding my place within that work.

At the same time, family life has remained at the heart of everything. This season also meant helping my twin boys wrap up Grade 4, which feels hard to believe. Watching their excitement build as the school year came to a close and summer approached was a reminder of how quickly these years go by. We’ve all been looking forward to slowing down a little, enjoying more time together, and making the most of the summer months.

One of the things I’ve been especially excited about is spending family time at the trailer. It’s a chance to step away from the busy pace of everyday life, relax, and simply enjoy being together. Between the new experiences with Rotary, the energy of community involvement, and the anticipation of a fun and restful summer with my family, the second quarter has felt both meaningful and memorable.

Michelle

This quarter, I earned my industry registration, which was an important professional milestone for me. It was something I had been working toward for some time, so it felt very rewarding to achieve. It also represents an important step in my continued growth and development, and I’m looking forward to building on it in my role.

On a personal note, our family listed our home this spring as part of our plan to move to Peterborough. We’re hoping the move will bring us closer to town and make day-to-day family life a little easier and more connected. While it’s still a work in progress, it has been an exciting step for our family as we think about the next chapter.

Darlene

Since starting with CIBC Wood Gundy things have been busy and a real learning curve for me. I was familiar with some clients, but I enjoyed getting to know everyone else. Each of you have been very welcoming and patient with me. The last three months have been busy as we are doing renovations to our house, and they seem to be dragging on. Hopefully, they will finish soon. I have been spending time with friends that have moved away and are home visiting. It is great to be able to catch up with them. Family is always important to me, so we have been doing things together. I hope that you all have a great summer and I look forward to seeing each of you in the future.

Andrew

As I look back at the last quarter, I must say from the outset that I couldn’t be prouder of the team and how they continue to raise the bar. At last week’s client event I commented that they are why we are able to deliver the excellent service to our client appreciation day in and day out. Their contribution is second only to my family, and the combined support allowed me to keep pushing the envelope, from raising the bar (pardon the pun) at the gym in my training sessions to completing another Princess Margaret ride for cancer. As for days when Pam and I are not going through our home to-do lists, we are getting out together for a round of golf together each week. I call it donating golf balls to the forest creatures. Even the guitar practicing seems to get easier which is more than I can say for deciphering the daily flow of incongruence out of the U.S.

I am happy that we continued to support groups last quarter, like the Ontario Association of Cardiologists, the Cobourg Waterfront Festival, the Butterfly Run, and the Kawartha Strings Orchestra.  I’m also pleased to announce that I joined the board of Westben and look forward to helping this amazing place of music grow its presence in the local community and across Ontario.

In fact, I will extend on that and reiterate what most of you feel daily. We live in a pretty amazing place called Canada. Though it may not and will never be perfect and is still might be viewed as a smaller player against other countries, it is arguably punching above its weight and setting a tone amidst the sometimes absurdity of the world. Which is a good segue into my thoughts on this week’s US Federal Reserve FOMC meeting.

No Guidance, No Answers

This was the second FOMC meeting for the freshly minted Fed Chairman, Kevin Warsh and there was a decent amount of anticipation and speculation heading into the meeting. Thanks to the failed peace MOU between the US and Iran and oil prices rebounding, there were some who thought that the Fed would actually hike rates at this meeting. After all, the economy is in okay shape, equity markets have performed better than most would have believed considering the shape of the world and Warsh himself has come out of the corner of the ring swinging at inflation. For all the hype, the results of the meeting were between a snore and head scratch.

There was no change in the Fed’s official rate target (still 3.75%), and the content of the accompanying policy statement was essentially the same as the last meeting. Three members of the committee dissented against the decision to hold the key rate unchanged, instead voting for an increase and Mr. Warsh was not among them. On the surface, this seems peculiar for a man that has stated that he will not stand for elevated inflation and that the Fed will take all actions necessary to put a lid on it. The bigger problem is that when asked point-blank in the Q&A session why the Fed didn’t just hike rates as a precaution, Mr. Warsh didn’t provide an answer. Instead, he deferred to the financial market to help with the job of controlling information – in other words, if bond yields go up then this effectively does the job for the Fed.

As you can appreciate, market participants don’t like it when the Fed turns in the player’s jersey for referee colours. So, predictably, short-term bond yields fell because traders reduced their expectations of rate hikes at the remaining three FOMC meetings of the year.  And, also predictably, investors in longer term bonds rewarded this “laissez faire” attitude by hitting the sell button. Yields on bonds 10 years and out rose sharply, with the 30-year hitting its highest since before the Great Financial Crisis, as you can see in the chart below.  Needless to say, few were impressed with Warsh’s performance.

Ally and I recently lowered the average maturity of our bond portfolio in response to factors that we saw as ultimately negative for longer-term bonds, such as persistently elevated inflation, the possibility of higher inflation expectations among businesses and consumers, the widening of government deficits worldwide and increased bond issuance by large-cap tech companies. We did not think Fed credibility would be part of that list of concerns, but here we are. When Warsh delivered his Congressional testimony and then his hawkish inflation remarks at his first FOMC meeting, market participants were relieved that he was not going to be Trump’s sock puppet after all and would do whatever was necessary to control inflation. By not explaining why the Fed didn’t hike rates this week, even though they didn’t have to, he has revived images of the puppet.

On behalf of the Pyle Wealth Advisory team, have a wonderful weekend.     

Andrew Pyle