In this episode, we dive into a recent Scotiabank report that unpacks how artificial intelligence might affect markets and the economy. Co-authors Rebekah Young, Vice President and Head of Inclusion and Resilience Economics at Scotiabank, and Walid Khalid, the Director of Investment Strategy at Scotia Wealth Management, walk us through the impact AI might have on jobs and productivity, whether there’s an ‘AI bubble,’ how investors should get their head around all of this and more.
For more, read the highlights of the report or the full report here: Macro, Markets, and Machines: The Economic and Market Transformation Driven by AI
For legal disclosures, please visit http://bit.ly/socialdisclaim and www.gbm.scotiabank.com/disclosures
Key moments this episode:
1:34 – Rebekah summarizes what her and her co-authors were trying to accomplish with this recent paper
3:42 – How Walid looked at AI using an investing lens
7:01 – How does the emergence and rapid development of AI technology compare to previous technological revolutions?
8:41 – Is AI technology already helping productivity?
13:55 – What about the concern around AI replacing jobs? Is there any merit to that?
17:32 – What are the economic impacts that are already being felt from the increased adoption of AI?
21:09 – Some numbers around the potential impact AI may have on productivity
22:50 – Are we in an ‘AI bubble’? How does this compare with the ‘dot-com bubble’?
30:39 – Summarizing the key takeaways from the report
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35:24
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35:24
Breaking down the 2025 federal budget
Prime Minister Mark Carney’s Liberal government has tabled its first budget with major spending aimed at driving economic growth and boosting Canada’s competitiveness but also cuts to various programs.
Rebekah Young, Scotiabank’s Head of Inclusion and Resilience Economics, joins us to break down the key takeaways from the federal government's spending plan, what caught her eye, and what it means for Canada’s economy going forward.
Read Rebekah’s full report on the 2025 federal budget - Balancing Boldness: Canada Tables Its Investment and Austerity Budget
For legal disclosures, please visit http://bit.ly/socialdisclaim and www.gbm.scotiabank.com/disclosures
Key moments this episode:
1:01 - What is the headline for the federal budget?
1:22 - What does this mean for the average Canadian – are they better off (or not) with the measures in this budget?
3:00 - Rebekah breaks down some of the big-ticket items in the federal government’s $89.7 billion in new spending, and whether these investments will spur economic growth
8:14 - Rebekah weighs in on whether the government’s expectation that the budget will unlock $1 trillion in investment in the Canadian economy is doable
11:11 - What major spending cuts are in this budget?
13:14 - Is the federal budget’s $78-billion deficit concerning or reasonable given the challenging circumstances?
16:10 - Rebekah on whether the government’s spending plan is a step in the right direction
17:32 - The three biggest takeaways from the federal budget for Canadians
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19:12
Bank of Canada lowers rate again, but don’t expect more cuts
The Bank of Canada has lowered its key policy interest rate for a second consecutive time by 25 basis points to 2.25% amid ongoing weakness in the economy and as inflation pressures ease.
Governor Tiff Macklem said the current policy rate is “at about the right level” to keep inflation in check near 2% while helping the economy through this period of “structural adjustment.”
Scotiabank’s Chief Economist Jean-François Perrault returns to the podcast to break down this decision and what it says about the economy, as well as provide a preview of the upcoming federal budget and explain how it factors into the rate announcement, and much more.
To learn more about the upcoming federal budget and what to look for, read Scotiabank Economics’ report: The Cost of Ambition: Anticipating Canada’s Federal Investment and Austerity Budget.
For legal disclosures, please visit http://bit.ly/socialdisclaim and www.gbm.scotiabank.com/disclosures
Key moments this episode:
00:52 - JF’s main takeaway from the Bank of Canada’s decision to cut its key policy rate for a second time
02:32 - What drove the central bank’s decision to cut?
04:01 - The upcoming federal budget and how it factors into the Bank of Canada’s rate decisions
5:51 - What to expect and look for in the upcoming federal budget announcement in November
7:06 - What does this cut and the overall outlook mean for Canadians?
9:00 - What does this cut, and the central bank’s message that it will be the last cut for a while, mean for those wanting to buy a home? What does this mean for the Canadian housing market?
10:30 - Governor Tiff Macklem said that the weakness in the Canadian economy is “more than a cyclical downturn. It is also a structural transition.” JF breaks down what this means.
14:05 - JF on where the economy goes from here
16:03 JF on the main takeaways from the Bank of Canada’s decision for Canadians
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18:17
Business journalist Amber Kanwar on why ‘investing changes lives’ — especially for women
In partnership with the Scotiabank Women Initiative, business journalist Amber Kanwar, host of the In the Money with Amber Kanwar podcast, is our guest to talk about women’s relationship with money, how motherhood affects that, her personal journey from TV host to being her own boss and what she’s learned about investing and finance along the way. There is a lot to consider when planning for your future. Discover Scotia Wealth Management’s Total Wealth Planning process and how it can benefit you. Learn more at https://www.scotiawealthmanagement.com/ca/en/about-us.html
For legal disclosures, please visit http://bit.ly/socialdisclaim and www.gbm.scotiabank.com/disclosures
Key moments this episode:
2:01 – Amber walks us through the decision to focus as a reporter on money and business journalism
3:16 – What it was like learning the ropes in a largely male-dominated industry
5:56 – How women tend to approach investing differently and why
11:00 – The generational difference on how women approach money
13:49 – Amber's biggest tip for women who are interested in starting to invest
15:28 – What Amber's learned from the latest chapter in her career: leaving TV and starting her own podcast
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20:08
What does sustainability mean when it comes to agriculture?
Sustainability has long been part of agriculture, by necessity and design, but what does it mean for today's modern growers? For Dr. Sally Flis, the Director of Sustainable Ag Programs at Nutrien Ag Solutions, sustainable practices can help producers be more resilient in the face of global economic uncertainty. Sally is our guest along with Janice Holzscherer, the Managing Director and Head of Agricultural Banking at Scotiabank. They’ll explore what sustainability means when it comes to agriculture, how it plays an important role in the story that modern farmers and growers tell the public and more.
For legal disclosures, please visit http://bit.ly/socialdisclaim and www.gbm.scotiabank.com/disclosures
Key moments this episode:
1:13 – Sally tells us about Nutrien Ag Solutions
3:06 – Some context around Scotiabank’s partnership with Nutrien
5:22 – What Sally mean by “cutting through the noise of sustainability” in agriculture
9:46 – How has the notion of sustainability evolved over the last few decades?
12:19 – What about the consumer side? Is there added pressure on growers and producers to adopt more sustainable practices?
14:13 – What is the story growers want to tell the public when it comes to sustainability?
16:37 – Final thoughts on the state of sustainability and where it’s heading in agriculture
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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