A date hasn't been announced for Carney's first budget but it could be as soon as this month and will certainly be in the autumn. There are rumors of 15% across-the-board cuts in department budgets.
- Will not cut transfers to provinces for education and not for individuals
- Government spending at the moment is not sustainable
- Spoke with Trump on Monday in lengthy conversation, described it as 'good'
This sounds like good news for the bond market but not great for growth. USD/CAD is up 9 pips to 1.3789 today.
