Canada’s inflation picture has recently seen notable changes. One of the key recent highlights is the latest CPI data, which came in at 4.3% - the lowest since August 2021. This comes following the second consecutive rate pause from the Bank of Canada, perhaps ‘backing’ the central bank’s decision. Looking ahead, what can we expect to hear from the Fed? And how is all of this impacting how portfolio managers are allocating to stocks and bonds and their geographic preferences around the world? Portfolio manager, David Tulk, from Fidelity’s Global Asset Allocation team joins us today to discuss all this and more, including a look into his short, medium and long-term investment mentality. David and the team manage a suite of funds for both retail and institutional investors, and please note today’s discussion was originally presented as a webcast for institutional clients, with a slide referenced partway through. Also today, with host Bryan Borzykowski, David expands on how rate-sensitive different parts of the economy are and also shares how the GAA team is currently positioned. They do not think the Bank of Canada, Federal Reserve, and other central banks are likely to start cutting interest rates by the end of the year. In their funds they are defensive overall, protecting still against inflation. Selective allocations are made to be offensive, and lately emerging markets equities have provided this.

Recorded on April 19, 2023.

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