Non-headline news sometimes explains most asset price changes https://www.banqueducanada.ca/?p=202488 Inflation 2-year rolling R² with both headline and non-headline surprises Retail sales 2-year rolling R² with both headline and non-headline surprises GDP 2-year rolling R² with both headline and non-headline surprises Employment 2-year rolling R² with both headline and non-headline surprises 42.87690033.08290064.19300062.074600 45.70520033.63940063.67330062.521500 46.59470031.92230063.12790062.525200 50.12590031.39390063.24660059.070000 33.97280032.17850062.63210059.212900 37.50210032.61440062.68710056.352500 38.96410037.44500061.11900057.444800 46.50940037.63900063.51400054.122700 55.15870037.75580064.27290054.150000 53.64000038.40260064.01370059.870900 47.28960038.33630059.95860059.880900 48.50600043.07250060.45750064.440100 51.84280043.22720055.33620064.861000 52.24960042.13460058.53210062.083100 58.29490043.36640058.08990062.385600 60.29620046.26880062.06140077.743300 64.03810047.62970062.88720078.047300 64.05200051.25480064.66460077.660500 65.38670055.98100066.28970077.662600 66.99030059.24030067.70780077.459500 71.60260061.93390068.72320078.619700 73.06870061.47940067.43420077.970000 76.25910060.22750067.31570077.495200 76.54050059.58020071.77980078.853300 78.18090057.01220071.29910070.105800 77.61980056.16800072.47350070.209000 81.19000056.17970073.65260071.199700 80.30960061.97570071.21300071.828100 80.31910060.21420071.53890071.564600 81.46880061.15710071.33150071.217000 81.55900061.75860069.09650071.455700 78.26410062.16990069.93030070.056200 74.96220065.50030069.11210070.558100 77.40400066.19050073.38480069.074300 78.58200066.60220077.46080070.591200 79.08810061.47900077.50640062.798700 77.24160061.45020078.07170058.090300 77.36470059.54260076.43070054.753200 77.28660060.59110079.32760058.428900 78.00020062.78760080.65040058.419900 77.18750063.14700080.63990061.092300 77.64930063.82680080.15760062.138000 77.54650059.01910080.94600062.110200 78.16330056.56270081.29100062.440600 74.70280056.32530081.62950064.949300 73.99570059.29910082.99900066.404800 63.69030060.23550083.07000064.315900 63.51330055.73560081.47030060.736300 59.70570058.50640081.67890069.429900 61.13280058.00980079.53910069.887900 50.69460065.93390079.34740069.430600 50.88290058.04900083.64870064.859000 52.18570059.52580083.16020066.712600 54.36860058.12800082.14760070.983300 53.95300057.43850082.14990069.517000 60.48670054.71980082.06500068.506300 59.84400061.23410078.74330067.694700 60.98150058.43520069.11800067.150000 68.47490058.98950062.53090070.746000 68.82400067.81670061.69350071.150100 70.41790066.71100062.57700072.069800 69.74880067.12120063.40700072.784200 69.72300067.01530061.66530070.960700 70.06180065.79220062.81830074.204900 70.00570065.65610058.45050072.952100 69.14560065.15930071.22280072.325900 64.51260061.70640059.50290073.292200 67.18100062.34040063.06380067.783300 67.33190062.64940061.31680064.585700 63.64520066.04630065.11170064.043300 64.37180063.15630069.50580068.895400 64.15700063.05020064.26350068.965000 63.71290062.10390064.95230067.079500 63.04310062.53900065.15860067.768400 63.68570063.12380065.03640067.436400 64.10780064.15630065.71520066.960800 64.90960063.76280065.87670067.215100 66.66770063.35100066.84720063.027100 64.31680065.54820067.67850059.209200 63.30970065.96210068.19790059.964100 64.15490064.71530069.13690060.644900 64.51530065.75150069.05360059.066200 64.60160065.67360069.11880058.318300 64.52130066.26760066.56550056.442300 65.32270066.25250066.31200058.106200 73.38900066.53170068.08410055.467900 76.05170071.69610068.94030056.429500 76.07370075.91270069.61360052.286000 76.91550075.89740070.76080053.414700 76.95920076.42230069.99600055.031200 77.94560076.07030070.07910055.117300 77.88620076.50480067.69320059.678700