What the first rate cut since March tells us about the economy
Some welcome relief has come for consumers and businesses as the Bank of Canada has decided to lower its key policy rate by 25 basis points to 2.5%, marking the first cut since March.
Scotiabank’s Chief Economist Jean-François Perrault is back to explain what drove the central bank’s decision, what it says about the state of the economy, why we “aren’t out of the woods” yet on inflation, the odds of another cut this year, and much more.
For legal disclosures, please visit http://bit.ly/socialdisclaim and www.gbm.scotiabank.com/disclosures
Key moments this episode:
00:53 - JF’s main takeaway from the Bank of Canada’s decision to cut its key policy rate
1:53 - What does this say about the state of the economy?
2:28 - How much of an impact does a cut of 25 basis points have on the economy? (And why another cut is likely)
5:08 - With counter-tariffs on the U.S. largely eliminated, what is driving inflation in Canada now? What is keeping inflation higher than hoped?
7:39 - What does JF see for the economy ahead, given all the uncertainties?
9:14 - With a federal budget to be announced in November, what could this influx of government spending mean for the economy and inflation?
12:33 - How will this 25 basis point cut impact households, individuals, and businesses? And why mortgage borrowers are most likely to feel the impact
14:14 - Will lowering interest rates and making it easier for consumers to buy a house drive up prices and inflation?
15:16 - Why JF expects the Bank of Canada to cut again before the end of the year – but then possibly start to reverse them next year
16:26 - JF’s main takeaways for Canadians from the central bank’s announcement
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18:00
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18:00
Breaking down 5 key stats to help you interpret the economy
The economy seems to be top of mind for most Canadians’ right now. But it can be hard to understand which stats actually matter and what they mean for us. So, Scotiabank Senior Economist Farah Omran is back this episode to break down five key economic indicators to help you better interpret the state of the economy and understand the headlines.
For legal disclosures, please visit http://bit.ly/socialdisclaim and www.gbm.scotiabank.com/disclosures
Key moments this episode:
1:44 – Why understanding economic indicators is especially important now
2:19 – Indicator #1: Inflation
6:35 – Indicator #2: GDP growth
10:41 – Indicator #3: Unemployment rate
13:55 – Indicator #4: Bank of Canada policy rate
18:25 – Indicator #5: Housing prices
21:17 – Bonus indicator: Productivity
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26:05
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26:05
Bank of Canada holds rate for third time as Canadian economy shows resilience
The Bank of Canada has decided to hold its key policy rate steady at 2.75%, for the third consecutive time, amid ongoing trade uncertainty.
Scotiabank’s Chief Economist Jean-François Perrault returns to break down the central bank’s decision to hold once again, how Canada’s economy has been stronger than anticipated, possible economic scenarios ahead, and much more.
For legal disclosures, please visit http://bit.ly/socialdisclaim and www.gbm.scotiabank.com/disclosures
Key moments this episode:
1:10 - JF’s main takeaway from the decision
1:35 - Did we learn anything from the Bank of Canada’s commentary or outlook?
2:31 - Was a hold the right call in JF’s view?
3:16 - JF walks us through the Bank of Canada’s three possible economic scenarios ahead
5:18 - What scenario does JF think is most likely?
5:55 - How unusual is it for the Bank of Canada to not have an economic forecast?
7:14 - What is the current state of Canada’s economy?
9:30 - A breakdown of Canada’s “unbelievable” employment numbers
10:34 - Which sectors are feeling the impact of trade uncertainty the most?
12:17 - Scotiabank Economics’ outlook for rate decisions for the rest of 2025
15:07 - What’s happening in Canada’s housing market?
16:54 - JF’s main takeaways for Canadians from the Bank of Canada’s decision and outlook?
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18:40
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18:40
The importance of newcomers to the Canadian economy
Newcomers to Canada are still critical to fuel our country's economic growth, despite recent cuts to immigration targets. In this episode, we’re joined by Kingsley Chak, the Senior Vice President of Deposits and Investments at Scotiabank, and Anthony Bambokian, Senior Economic Analyst with Scotiabank. They’ll discuss Canada’s changing immigration targets and the potential economic impacts that may have, the hurdles new Canadians face, some of the services Scotiabank offers newcomers, and much more.
For legal disclosures, please visit http://bit.ly/socialdisclaim and www.gbm.scotiabank.com/disclosures
Key moments this episode:
2:14 - Anthony catches us up on Canada’s immigration numbers from pre-COVID to present
7:13 – Why, despite changing targets, Canada will always be a nation of immigrants
8:48 – What balance Canada needs to strike when it comes to new arrival targets
10:24 – What are the main challenges newcomers face when they first arrive in Canada?
11:30 – Some data around how long it takes newcomers to find their economic footing after arriving in Canada
13:25 – Two more key hurdles many newcomers face in Canada
14:42 – What challenges newcomers face when it comes to banking and finances
19:02 – The numbers behind newcomers and entrepreneurship
21:12 – How Kingsley's personal immigration story also relates to banking
22:18 – Final takeaways from the conversation
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24:00
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24:00
How is AI changing banking?
Scotiabank’s Chief AI Officer, Yannick Lallement, returns to fill us in on the latest breakthroughs in artificial intelligence. He’ll also give us an update on how AI is being used in the banking and finance world and what might be on the horizon.
For legal disclosures, please visit http://bit.ly/socialdisclaim and www.gbm.scotiabank.com/disclosures
Key moments this episode:
1:54 – How Yannick got to be Scotiabank’s Chief AI Officer
3:44 – Did Yannick expect this proliferation of AI technology when he started studying it in the 90s?
4:37 – The thing that surprised Yannick most about the latest breakthroughs in AI
5:45 – The surprising way Yannick uses AI in his day-to-day work
6:30 – A new type of AI on the horizon: agentic AI
9:02 – In general, has the financial services industry adopted AI?
9:37 – How has Scotiabank been adopting AI?
15:25 – How banks and other institutions are safeguarding clients when it comes to AI
18:22 – What Yannick sees for the future of AI in banking
Each week we help break down the important economic issues on Canadians’ minds. With our unique access to leading experts, timely insights and helpful explainers, we navigate the latest in the world of finance, housing, business, the markets — and more.
For legal disclosures, please visit http://bit.ly/socialdisclaim and www.gbm.scotiabank.com/disclosures
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