Mike's Daily Comment
As the Parliamentary Budget Officer explains – they are no takers. And that’s suggest a much bigger problem.
Mother: Son, allow me to offer my warmest congratulations. I’m certain that you’ll remember today as the happiest day in your life.
Son: Thanks, mom but the wedding’s tomorrow.
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Shocking Stat
The federal government is financing their deficit by selling bonds to the Bank of Canada. Kind of like selling bonds to ourselves.
Goofy
A million Uighur in concentration camps, two Canadian hostages held for over 715 days and pro democracy protestors jailed – some Canadians focus on demanding the release of Huawei’s Meng Wanzhou.
Mike: Does it worry you that so much of the federal government borrowing is short term – given that make us vulnerable to future rate increases.
Yves Giroux: The appetite in the market is simply not there. (ie no buyers for Cdn 30 yr bonds)
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$381.6 Billion Federal Deficit
Posted by Michael Campbell
on Tuesday, 1 December 2020 7:30
Six months since the last fiscal update. Three months since the government stopped sending the bi-weekly financials to the Parliamentary Budget Office. The feds finally give their deficit forecast.