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Writer's pictureEdward Ballsdon

Canada to go ZIRP?

RESEARCH CONTENT


  • Previous macro research has pointed to a difficult Canadian macro environment due to the build up of excess debt and the consequence of high interest rates on that debt and the economy.

  • The private sector is stalling and disinflation has set in – the real underlying data is extremely weak and once lagging data catches up, could well be below 1%.

  • Because of the housing unaffordability issue, perhaps only a ZIRP will lead to increased lending, as seen post GFC and more recently in Sweden. This is not priced into markets.

  • This research discusses the impacts on Canadian fixed income and how changes to Canadian interest rates compared to those in other countries could impact the CAD.

  • The report discusses some interesting investment themes for the Canadian markets, highlighting specific ideas that are supported by developing market sentiment.

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