Royal Bank of Canada Chief Executive Officer Dave McKay said Wednesday the bank is maintaining a cautious economic outlook, despite an apparent peak in inflation and a strong labour market as it braces for a possible 'brief and moderate recession.'
Royal Bank of Canada Chief Executive Officer Dave McKay said Wednesday the bank is maintaining a cautious economic outlook, despite an apparent peak in inflation and a strong labour market as it braces for a possible “brief and moderate recession.”McKay made the comments during a call with analysts, referring to “elevated uncertainty” that he said is impacting market volatility and client activity.
“Although higher interest rates are needed to preserve long term economic stability, the lagging impact of monetary policy combined with strong employment and significant liquidity in the system has likely delayed what may end up being a brief and moderate recession,” McKay said.His comments came a day after Statistics Canada reported higher-than-expected third-quarter economic growth in Canada, and a week ahead of an expected policy rate decision from the Bank of Canada.
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