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![Breaking down the October 2023 Bank of Canada decision – Don Drummond](https://pbcdn1.podbean.com/imglogo/image-logo/4341375/Fidelity_Connects_podcast_tile_ENG_1400_n9xq5f_300x300.jpg)
Friday Nov 10, 2023
Breaking down the October 2023 Bank of Canada decision – Don Drummond
Friday Nov 10, 2023
Friday Nov 10, 2023
Today on the show, we welcome renowned economist Don Drummond who discusses the Bank of Canada’s latest interest rate decision as well as the overall health of Canada’s economy. 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. Don and host Pamela Ritchie discuss the Bank of Canada’s decision to hold the key interest rate at 5%. Don says the key thing now is how the BoC revises inflation. He’s concerned with the zero-level output gap we’re coming to where excess demand was slightly greater than supply, but how is nearing a zero gap. He believes we need to create slack in our economy. Right now, the economy is sitting right on its supply capacity so there is currently no slack to rely on. The housing market can help with this, but right now the market is showing resilience. Still lots of demand for houses and still alot of people coming into Canada looking for homes.
Recorded on October 26, 2023.
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