The risk that the Bank of Canada shifts course and begins hiking is one we had not focused on as closely until today’s stellar November Labour Force Survey. While money markets are now fully pricing in a hike in 2026, we are less convinced and instead expect the Bank would want to wait until CUSMA renegotiations conclude before tightening policy.
Will the AI bubble continue to inflate? How will US-China tensions shape trade flows? Will a new Fed chair lead to much lower US rates? We’ll be highlighting what we expect to be the key drivers of macro and markets in the coming year in online Drop-In briefings on Wednesday, 10th December. Register here for our World in 2026 Drop-Ins.
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