Today we’re pleased to welcome a special guest, renowned economist Don Drummond. Don has held several senior roles at the Federal Department of Finance, including Associate Deputy Minister, where he was responsible for economic analysis, and fiscal and tax policies. Today, Don comments on the latest Bank of Canada announcement, possible rate cuts, the housing market and rental pressure. Don says the Bank believes in a model where creating slack in the economy will, over time, reduce inflation. The BoC also expressed confidence in its strategy, indicating that the first step of creating slack in the economy has been accomplished. But Don points out the market tends to anticipate economic changes, positioning itself in advance. He says the clock for these changes has just started, whereas people initiated this countdown a year or two earlier.

Recorded on January 25, 2024.

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