C.D. Howe study urges Ottawa to drop mandatory withdrawals
The U.S. dollar is entering its fourth bear market in 50 years, predicts Michael Hartnett, chief investment strategist at Bank of America, who brings us today’s chart. In the latest edition of the Flow Show, Hartnett and his team forecast a 20 per cent decline in the U.S. dollar index . The currency hit a two-month low last week after five straight weeks of losses, but has since gained back some ground as markets bet on more Federal Reserve hikes.
Hartnett’s six reasons for dollar “heebie-jeebies” are: a growing U.S. federal deficit; the approach of the U.S. debt ceiling; rising debt default probabilities; banking crisis diminishes dollar’s status as a safe haven; “petroyuan” argument gains steam as the war has been forcing countries to conduct deals in alternate currencies and China and Japan are cutting Treasury holdings.
Meanwhile, he is bullish on gold, oil, the euro and international stocks. “We remain “patient bears” ,” he wrote. Office of the Superintendent of Financial Institutions releases its annual risk outlook for 2023-2024 Yves Giroux, parliamentary budget officer, Tiff Macklem, governor of the Bank of Canada and deputy Carolyn Rogers appear before the standing committee on finance regarding the national economic and fiscal outlookLook for a big drop in the annual inflation rate when the March consumer price index comes out today. RBC economists see the annual rate falling to 4.2 per cent, a full percentage point lower than in February.
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