For months now, the rate of inflation has been heading in the right direction. After peaking back in 2022 at 8.1%, it has slowly worked its way back to the Bank of Canada's current desired rate of 2%.
September saw the lowest year-over-year rate of inflation since the cost-of-living crisis began in 2021. However, even though the rate at which prices are increasing has slowed, costs remain high, and Canadians continue to feel the pinch of higher prices for basics such as rent and groceries.
While concerns over inflation begin to fade, questions about continued weak economic growth in Canada are on the rise. In October, the Bank of Canada cut its benchmark interest rate by half a percentage point, signaling that borrowing costs may be getting back to a more normal level, but will it translate into greater consumer and business confidence overall?
The discussion covered the outcome of the 2024 U.S. presidential election and what the implications may be for Canada.
Osler National Co-Chair Emmanuel Pressman facilitated the Q&A session with Stephen.