North American Outlook: Uncertainty: Everywhere and All at Once
Current financial turmoil raises the odds of a recession, but should also dampen inflation and could limit the need for further policy tightening.
We still foresee a shallow downturn for the U.S. and Canadian economies, with very modest growth in the year as a whole. This assumes financial stress is contained by recent emergency loan programs and regulatory actions.
Sal Guatieri
Director and Senior Economist
