Read more from The Macro Tourist I am getting more bearish on Canada every day. And it's more than the fact that we must be suffering from hockey-hyperinflation if sticks now cost $300 each. Over the next few weeks I plan to sketch out all the reasons I am negative on Canada's economy, but today I would like to focus on the signal the bond market is sending. Before I do, I would like to take a moment to stress that although I am bearish on Canadian financial assets, that doesn't mean that I am a self-loathing Canadian. I am in fact a loyal Canadian who wears a toque and pronounces it Zed, not Zee. It often frustrates me how people interpret market calls as reflections of a market pundit's views of that country or people. For example, I believe US stocks are priced for perfection relative to the rest of the world and don't represent a favourable long-term risk-reward opportunity. Does that mean I am judging America's economy or people? Not even for a moment. I am simply calculating what I believe the market has priced in, and then evaluating those expectations versus what I believe to be the actual odds of that outcome occurring. Too often this nuance is lost.