Forget American exceptionalism: we’re the ones defying the rules these days.
The global economy decelerated quickly this year, and international oil prices still are about 30 per cent lower than they were before the crash in the autumn of 2014. That should have set up Canada for a bad time in 2019. Instead, we’re pushing through it. As almost every major central bank cut interest rates this summer, the Bank of Canada held firm. The housing market recovered from a slump at the start of the year, and the economy added almost 400,000 positions through September, the best nine-month performance since 2002, according to Bloomberg.
More evidence of exceptionalism arrived on Oct. 16, when Statistics Canada reported that we have something most of our peers lack: a little inflation.
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