R is for Resilience and Rising Rates
Despite high interest rates and tighter lending conditions, the North American economy continues to move forward, seemingly oblivious to rampant recession talk. However, we still expect a mild contraction starting in the second half of the year in response to the lagged effect of tighter policies and expected further tightening. A resilient economy and labor market, alongside sticky inflation, suggest the Fed and Bank of Canada will raise rates at least one more time this year.
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Sal Guatieri
Senior Economist
Sal Guatieri is a Senior Economist and Director at BMO Capital Markets, with two decades experience as a macro economist. With BMO Financial Group since 1994, his m…(..)
View Full Profile >Despite high interest rates and tighter lending conditions, the North American economy continues to move forward, seemingly oblivious to rampant recession talk. However, we still expect a mild contraction starting in the second half of the year in response to the lagged effect of tighter policies and expected further tightening. A resilient economy and labor market, alongside sticky inflation, suggest the Fed and Bank of Canada will raise rates at least one more time this year.
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