In the pandemic fog, some welcome clarity from the Bank of Canada – Financial Post Op-Ed
Last Wednesday’s interest rate announcement and Monetary Policy Report (MPR) from the Bank of Canada were the first under new governor Tiff Macklem. They provide welcome clarity on the bank’s thinking about the economic impact of the coronavirus pandemic and how monetary policy should respond
Back in March, the bank cut its traditional policy instrument, the target overnight interest rate, to 25 basis points, alongside heavy interventions in financial markets to provide liquidity. The high degree of uncertainty associated with the virus and the ensuing economic lockdown led the bank to be vague in its accompanying commentary, including the key question of how it intended to hit its two per cent inflation target. The April MPR did…
Glen Hodgson – The Goalposts Keep Shifting For The Canadian Energy Sector
From: Glen Hodgson To: Canadian Energy Watchers Date: July 21, 2020 Re: The Goalposts Keep Shifting for the Canadian Energy Sector Canada’s energy sector has been hit by an array of factors, global and domestic, that are constraining its capacity to operate and expand. The sector is being squeezed by uncertainty on many fronts – […] Laurin, Robson, Wu – Was Ottawa’s Frightening Fiscal Snapshot A Prelude To Something Worse?
From: Alexandre Laurin, William B.P. Robson and Miles Wu To: Canadians Concerned about Government Debt Date: July 20, 2020 Re: Was Ottawa’s frightening fiscal snapshot a prelude to something worse? The July 8 federal fiscal snapshot unveiled numbers so awful that a reasonable person might suspect an expectations-management exercise. The projected deficit of $343 billion for this year […] Jon Johnson – How The Labour Value Disconnect In Us Cusma Implementing Legislation Plays Out
From: Jon Johnson To: Global Affairs Canada and the Canadian Automotive Industry Date: July 17, 2020 Re: How the Labour Value Disconnect in US CUSMA Implementing Legislation Plays Out The US implementing legislation for the Canada-United States-Mexico Agreement (CUSMA) provides for Uniform Regulations as required by its Article 5.16 regarding the “interpretation, application, and administration” […] Gaps, Quirks and Fixes: Accounting for Broader Public-Sector Pension Plans in Canada
July 16, 2020 – How big are the obligations of pension plans covering workers in Canada’s broader public sector, and how adequate are the assets in those plans to cover their obligations? Who bears the risks if these plans run into trouble? A new report from the C.D. Howe Institute argues that taxpayers and plan […] Taxpayers, Participants, Need Clearer View Of Risk In Public-sector Pensions
How big are the obligations of pension plans covering workers in Canada’s broader public sector, and how adequate are the assets in those plans to cover their obligations? Who bears the risks if these plans run into trouble? A new report from the C.D. Howe Institute argues that…Joel Blit – Covid-19 Will Transform Our Economy – If We Get Our Policies Right
From: Joel Blit To: Canadians concerned about jobs Date: July 16, 2020 Re: COVID-19 Will Transform Our Economy – If We Get Our Policies Right Due to the COVID-19 crisis, our economy is undergoing a transformation of unprecedented proportions. This transformation will increase productivity, but more than half a million jobs could be lost due to automation […] After the fiscal snapshot, a horror movie? – Financial Post Op-Ed
Last week’s federal fiscal snapshot unveiled numbers so awful that a reasonable person might suspect an expectations-management exercise. The projected deficit of $343 billion for this year was nearly $100 billion worse than the Parliamentary Budget Officer’s June 18 projection and $40 billion worse than the most pessimistic numbers circulating. If realized, it would be the same as last year’s total federal revenues. It would mean the federal government will borrow more than half the money it spends this year. It would increase Ottawa’s net debt by almost half in one year.
Adding to the impression in the snapshot’s numbers of an unfolding fiscal catastrophe was the absence in its commentary of either any…
Paul Jenkins on BNN – We need a ‘strong narrative from our policy makers’ to help the economy
Paul Jenkins, former senior deputy governor of the Bank of Canada and Senior Fellow at the C.D. Howe Institute, joins BNN Bloomberg to discuss Tiff Macklem’s first rate decision and outlook for the Canadian economy amid COVID-19.
Schirle, Skuterud – The Moms Are Not All Right
From: Tammy Schirle and Mikal Skuterud To: Canadians Concerned about the Labour Market Date: July 15, 2020 Re: The moms are not all right Last week’s release of the June Labour Force Survey gave Canadians reason for optimism – the numbers made it clear that many workers are finding their way back to work. It is now evident that […] Bill Robson on CityNews – Bank of Canada Holds Lending Rates Steady
The worst of the economic crunch is over, policies are working, and consumers should feel confident – those are some of the key messages from the Bank of Canada. CityNews’ Xiaoli Li talks with C.D. Howe Institute CEO Bill Robson about how the bank plans to keep money moving through the economy.
S2 E11 – Sustainable Finance with Andy Chisholm
Sustainable Finance isn’t a buzzword, it’s the future of finance. But why is Canada lagging China, and the E.U.? RBC’s Andy Chisholm tells host Michael Hainsworth Canada needs to focus its efforts to compete.