Inflation concerns rising, while downside risks to growth persist
The Fed and the Bank of Canada have become more vocal about worrying signs of a pick-up in inflation, pointing to the persistent rise
in energy prices. However, worries about the U.S. economy also linger, with the housing recession in full swing, consumer confidence
deteriorating and the unemployment rate at its highest level in 3-1/2 years. In Canada, second-quarter data are suggesting that the
contraction in first-quarter real GDP was an one-off event, although the weak state of the U.S economy is keeping the downside risks
to the export outlook intact. Our view is that the strong headwinds facing the economy will be enough to keep both the Fed and the
Bank of Canada on the sidelines this year, especially if energy prices start to decline as we expect and take some of the heat off the
headline inflation rate.
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Mark
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
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