Trudeau’s cabinet meets as Bank of Canada weighs rate cut

THINK OUTSIDE THE BOX:  The Bank of Canada will make its next rate announcement on Wednesday…will they decide to cut rates?

Justin Trudeau’s got a busy week ahead. The entire Liberal cabinet is in New Brunswick right now, for a 48-hour ministerial retreat at a St. Andrews by-the-sea resort hotel (“[experience] the joys and restorative delights of The Algonquin Resort…an absolute triumph of leisurely diversion,” says the website).

The economy will no doubt be weighing on their minds as they plan for the next session. The Bank of Canada will make its next rate announcement on Wednesday, and market watchers are increasingly convinced they’ll see a rate cut (though the odds are currently about even). Cities and provinces are awaiting infrastructure stimulus from Ottawa with open arms.

On Tuesday, the Prime Minister heads to Davos, Switzerland, for the World Economic Forum. At the gathering of political and business leaders, public intellectuals, journalists and movie stars, Mr. Trudeau speak twice: one speech will lay out his vision for Canada’s new government, and he will also participate in a panel discussion on gender parity with Melinda Gates.

The Prime Minister will spend four days in Davos before heading back to Canada for Parliament’s return next Monday. As John Ibbitson said, “One suspects Davos is the sort of event Mr. Trudeau and the young policy geeks who surround him find irresistible.” (for subscribers)

Chris Hannay      The Globe and Mail      January 18, 2016

 

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