Q2 Economic Outlook with Stephen Poloz

As Mark Carney assumes office as prime minister, Canada is about to receive a strong fiscal stimulus, which analysts say could reduce the urgency for the Bank of Canada to cut interest rates.

The new Liberal government platform has promised nearly $130 billion in spending across infrastructure, defense, housing, internal trade, resource development, and more. All of this is on the horizon as the economy is starting to show signs of trouble from the trade war, with layoffs happening in the auto sector and consumers tightening their spending over concerns of job security in the wake of U.S. tariffs.

While manufacturing and wholesale trade activity were both up recently, economists say that could reflect efforts to get ahead of tariffs after President Donald Trump granted Canada a reprieve. Meanwhile, President Trump has signaled he is not backing down on tariffs, and geopolitical volatility continues to weigh on Canadians who are concerned about what could come next.

For the second-quarter economic update, Osler Special Advisor and former Governor of the Bank of Canada Stephen Poloz provided unique experiences and insights into complex economic conditions and Osler National Co-Chair Emmanuel Pressman facilitated the Q&A session with Stephen.