Editor's Note: The excerpt and chart below are from today's morning strategy note written by Hedgeye Director of Research Daryl Jones. Click here for more info on how you can subscribe.
...As we’ve been writing about recently, the next major global economic concern may well be Canada. As the Chart of the Day shows, Canada has been undergoing, at best, anemic growth this year. The Bank of Canada yesterday cut interest rates to 0.5%, its second rate cut of the year. In the accompanying statement, the Bank said:
“Canada’s economy is undergoing a significant and complex adjustment.”
We agree with that assessment in spades.