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  • North American Outlook

    September 18, 2019 | 15:46

    Tariff Traffic

    Economist
    profile photo of Sal Guatieri

    Sal Guatieri

    Director and Senior Economist
    Economics

    Sal Guatieri is a Senior Economist and Director at BMO Capital Markets, with over two decades experience as a ma... (Read more)

    profile photo of Sal Guatieri

    Sal Guatieri

    Director and Senior Economist
    Economics

    Sal Guatieri is a Senior Economist and Director at BMO Capital Markets, with over two decades experience as a ma... (Read more)

    More
    Key Summary

    Due to the trade war, the U.S. expansion is headed for a period of sub-par growth. However, new policy stimulus and a sturdy consumer should extend its lifespan. The Fed should reduce policy rates one more time this year to shield the economy from the trade conflict.


    Despite a recent pickup, the Canadian economy will struggle to attain potential growth amid trade policy uncertainty, slower global demand and a heavy household debt burden. As a result, the Bank of Canada could reduce rates in October.

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