Erik Hertzberg

Macklem Backs Canada’s Fiscal Shift, Says Tough Reforms Needed Bank of Canada Governor Tiff Macklem offered a subtle endorsement of the government’s plans to spend on infrastructure, saying policymakers in the past have not done enough to boost productivity and r...

“We’ve over-relied on priming demand and not spent enough time on the tougher decisions of structural reform and making the investments that we need to actually grow the economy over the long term,” Bank of Canada Governor Tiff Macklem told me in Saskatoon #cdnecon

www.bloomberg.com/news/article...

Macklem Backs Canada’s Fiscal Shift, Says Tough Reforms Needed Bank of Canada Governor Tiff Macklem offered a subtle endorsement of the government’s plans to spend on infrastructure, saying policymakers in the past have not done enough to boost productivity and r...

www.bloomberg.com/news/article...

Carney to Unveil Budget Nov. 4 as ‘Substantial’ Deficit Expected Canada’s government will release its federal budget on Nov. 4, Finance Minister Francois-Philippe Champagne told Parliament on Tuesday in Ottawa.

The long-anticipated fiscal plan will put a price tag on Prime Minister Mark Carney’s plans to boost the country’s expenditures on defense, housing and infrastructure.

@erikhertzberg.bsky.social

To me, the biggest surprises today were:
- Wilkinson dropped entirely from cabinet
- Carlos Leitão (former Quebec finance minister) not in
- Labour no longer a full cabinet job, downgraded to junior portfolio. Federal sectors have seen a ton of labour disruption recently

Economists at one of Canada’s biggest lenders are raising doubts about the fiscal plans offered by the leading parties in the country’s election, @erikhertzberg.bsky.social and Mario Baker Ramirez report.

www.bloomberg.com/news/article...

Bank of Canada Likely to Pause to Assess Tariff Hit: Decision Guide The Bank of Canada is likely to hold interest rates steady on Wednesday as officials take stock of the damage posed by US President Donald Trump’s trade war.

The Bank of Canada is likely to hold interest rates steady on Wednesday as officials take stock of the damage posed by US President Donald Trump’s trade war

origin.www.bloomberg.com/news/article... @erikhertzberg.bsky.social

An Election Like No Other Promises to Damage Canada’s Finances Canada’s fiscal position is set to worsen as the country’s two leading political parties vie to win an election by promising tax cuts and measures to protect industries from US President Donald Trump’...

Canada’s fiscal position is set to worsen as the country’s two leading political parties vie to win an election by promising tax cuts and measures to protect industries from US President Donald Trump’s tariff barrage.

www.bloomberg.com/news/article... @erikhertzberg.bsky.social

Canada Rushes to Fund Its Neglected Military After Trump Threats Three decades ago, Canada published a report about its future military plans. “The Cold War is over,” its first chapter began, before outlining the government’s massive budget pressures and proposing ...

New: Canada is now on a path to crank up military spending.

Where should the money go, and how does it square with its deep integration with the US?

A deep dive including interviews with experts, a former forces chief and ex-defense minister:

www.bloomberg.com/news/article...

Dominic LeBlanc said he believes incoming US Commerce Secretary Howard Lutnick will provide Trump with advice on the “global trade balance circumstance,” which would reveal Canada’s relatively small surplus.

#cdnecon #cdnpoli

Canada Plots Broad Tariff Retaliation If Trump Starts Trade War Canada is drawing up plans for extensive tariffs against US products if Donald Trump follows through on his threat to put 25% levies on Canadian goods, according to people familiar with the matter.

Trudeau's government is preparing a huge range of tariffs on US imports if Trump proceeds with his economy-wide 25% levy, sources say. This is not like 2018, where Canada only targeted a few strategic goods with retaliation. www.bloomberg.com/news/article...

The Governor General's power and authority is limited at the best of times. It's important to keep that in mind.

She can encourage the PM to demonstrate he has confidence, but that assumes that he's willing to meet with her.

Canada Weighs Export Taxes on Uranium, Oil If Trump Starts Trade War Canada is examining the use of export taxes on major commodities it exports to the US — including uranium, oil and potash — if incoming President Donald Trump carries out his threat to impose broad ta...

Export taxes on major commodities the US imports from Canada such as oil, uranium and potash are on the table as a retaliation measure if Trump imposes wide-scale tariffs, sources tell Bloomberg. It's a last resort option, but it's real. www.bloomberg.com/news/article...

Macklem Signals Return to Gradual Pacing With Hawkish Jumbo Cut After quickly chopping interest rates down from the highest levels in two decades, the Bank of Canada is pivoting to a more gradual pace of adjustments — pushing back on expectations of a rush to chea...

"BOC Delivers Jumbo Cut But Suggests More Easing Far From Certain" via @erikhertzberg.bsky.social

www.bloomberg.com/news/article...

Trudeau Reopens Spending Playbook, Shaking Up Bets for Rates, Growth Canadian Prime Minister Justin Trudeau signaled a return to his free-spending playbook as inflation wanes and an election looms, accelerating a bond selloff due to expectations of faster growth and a ...

Justin Trudeau signaled a return to his free-spending playbook as inflation wanes and an election looms, accelerating a bond selloff due to expectations of faster growth and a deeper deficit. Story by @erikhertzberg.bsky.social www.bloomberg.com/news/article...

Trudeau’s Immigration Crackdown Fails to Revive His Slumping Support, Poll Says Canadians broadly support Prime Minister Justin Trudeau’s plan to drastically slash immigration targets, but the move has done little to boost his waning popularity, a new poll suggests.

Canadians broadly support Trudeau’s plan to drastically slash immigration targets, but the move has done little to boost his waning popularity, a new poll suggests. Just over half of the respondents said it has no impact on their impressions of the PM.