Markets reeled and then steadied after the central bank’s hawkish turn. But the day’s deeper story ran beneath the market noise.

Chipmaking is coming home, the job market is quietly freezing, and factories show a flicker of life. The real economy was busy under the headlines.

Today’s USA & Canada Intelligence Brief covers the two economies’ finance, jobs, industry, and policy. We pulled it together from US and Canadian sources, and we have kept it to home affairs.

United States — Markets Reel, Then Steady

A Hard Day