Bottom line is it's not flagging any inflation pressures, at least on a core basis.
More Quotes from Paul Ferley:
The numbers still suggest growth in the third quarter of about 3 percent, so the economy continues to expand at fairly close to long-term average rate,Paul Ferley
The labor market is getting too tight, so the Bank of Canada may have to raise the rate more aggressively to keep inflation from taking hold. Higher interest rates get investors to buy the Canadian dollar.
Paul Ferley
Canada seems to be getting support from strengthening commodity prices.
Paul Ferley
Markets are probably waiting for the announcement by the Bank of Canada tomorrow to get a sense of the characterization of the near-term outlook for policy whether they'll flag they're poised to move to the sidelines or whether they're still contemplating further rate hikes.
Paul Ferley
Given that we import a lot of capital equipment, this further strengthening of the Canadian dollar does make a lot of those investment goods that much cheaper.
Paul Ferley
Bubble conditions may not be present yet but are approaching such and thus require close monitoring going forward. To allay this concern, housing price increases will need to start to moderate soon from recent sharp increases. Our expectation is that this should occur, since rising mortgage rates should slow the growth in housing prices to a rate below gains in income.
Paul Ferley
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