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Canada: Monetary and Fiscal Updates This Week
Many observers saw Canada as one of the canaries in the coal mine, warning that the divergence theme was over. The Bank of Canada did hike rates twice in Q3. The Federal Reserve did not hike at all. Isn't that the definition of convergence? Yes and no. The Bank of Canada's rate hikes were not the beginning of a sustained effort to normalize policy. The hikes were largely about removing the accommodation provided in 2015 as Canada was hit by a terms of trade shock when oil prices tumbled. With a December Fed seen as highly probable, the spread between the policy rates will finish wider than they started the year. The ... (full story)
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Its not about the money, its about the game, the game between people.
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