Eyes on the Economy

Senior Economist, Katherine Judge, hosts a discussion with Chief Economist, Avery Shenfeld, to break down the economic and market implications of the Canadian fiscal update and the latest interest rate announcements from the US Fed and the Bank of Canada, in the context of rising energy prices. This episode was recorded on Wednesday, April 29, 2026. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

CIBC Senior Economist, Andrew Grantham, interviews Chief Economist, Avery Shenfeld, to break down the ramifications of the Iran conflict on global oil prices, explore the intersection of energy markets and American politics, and discuss the expected trajectory for inflation and monetary policy in the U.S. and Canada as oil prices seek a new normal. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

CIBC’s Senior Economist, Katherine Judge, interviews Chief Economist, Avery Shenfeld about the implications of the US-Israel and Iran war for the North American economy and financial markets. They explore how global markets—especially oil—are reacting to the conflict, what investors are pricing in, and the potential impact on North America’s economy, inflation, and monetary policy. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

CIBC Economists Ali Jaffery and Katherine Judge break down how federal and provincial budgets are shaping growth, based on a new measure of the fiscal impulse in Canada, and how manufacturing in Canada compares with the U.S. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

CIBC's Senior Economist, Ali Jaffery, interviews Chief Economist, Avery Shenfeld, about his outlook for the Bank of Canada and the Federal Reserve. They examine the latest economic data, explore historical policy precedents, and consider how current political developments—including trade negotiations and U.S. Fed leadership changes—may influence central bank decisions. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

CIBC’s Chief Economist, Avery Shenfeld, reviews evidence on why neither cost-push inflation nor diminishing economic slack are likely to pressure the Bank of Canada into a rate hike in the coming year, and is joined by Deputy Chief Economist, Benjamin Tal, to discuss a transition year ahead for the housing market and how “doubling up” trends will affect it. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

CIBC's Chief Economist, Avery Shenfeld, and Deputy Chief Economist, Benjamin Tal, discuss the latest trends in Canadian household credit, including rising policy rates and early signs of credit risk. They also break down the U.S. Supreme Court case on tariffs and what its outcome could mean for Canada’s trade future. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

CIBC senior economists Katherine Judge and Ali Jaffery assess the impact of the recent wave of rapid student immigration on the economy and the labor market, and Canada’s economic record over that period. They also consider ideas for where student immigration and population growth could be headed in the future. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Avery Shenfeld, Chief Economist at CIBC, and Lawrence Schembri, former Deputy Governor of the Bank of Canada, discuss the outlook of the Canadian economy and challenges in measuring inflation, US monetary policy, and Fed independence. They also explore recent trends in economic growth and Indigenous participation in major projects. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Benjamin Tal, CIBC's Deputy Chief Economist, and Katherine Judge, CIBC Senior Economist, discuss the evolving landscape of Canadian immigration policy, its impact on the housing market, and the critical role of purpose-built rentals in addressing affordability. Drawing on recent research and government initiatives, they explore how shifts in immigration trends are shaping economic productivity, the regional variations in housing market performance and how government initiatives are shaping both immediate and future responses to Canada’s affordability crisis. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Avery Shenfeld, CIBC’s Chief Economist, and Ali Jaffery, CIBC Senior Economist, discuss their recent report on US immigration policy and what this means for population growth, GDP, and fiscal policy, as well as implications for the Fed. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Avery Shenfeld, CIBC's Chief Economist, and Katherine Judge, CIBC Senior Economist, discuss the complexities of interest rate policies and their impact on the Canadian labor market and the economy. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

CIBC senior economists Katherine Judge and Ali Jaffery provide an update on our US and Canadian economic outlooks and discuss risks around the forecast. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Benjamin Tal, CIBC’s Deputy Chief Economist, and Katherine Judge, CIBC Senior Economist, provide insight into the trajectory of defence spending in Canada and the potential boost to economic activity associated with it. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

On Friday, May 9th, CIBC’s Chief Economist Avery Shenfeld, was joined by Nobel Prize Winning Economist and former NY Times Columnist Paul Krugman to discuss the US budget process, the outlook for the US trade policy, and some of the implications for Canada. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Avery Shenfeld, CIBC’s Chief Economist, and Andrew Grantham, CIBC Senior Economist, look at why a tariff-driven, broad rebound in the factory share of US employment might not be a worthy policy goal. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Benjamin Tal, CIBC’s Deputy Chief Economist, joins Katherine Judge, CIBC Senior Economist, to discuss the deteriorating US economic backdrop, the trade landscape, and implications for the Fed and the Bank of Canada. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Avery Shenfeld, CIBC’s Chief Economist, and Ali Jaffery, CIBC Senior Economist, discuss their recent report on reducing Canadian internal trade barriers, and explain their skepticism on the size of benefits to the economy. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

CIBC Senior Economist Ali Jaffery interviews Chief Economist Avery Shenfeld about his latest note on US fiscal policy, discussing the House budget resolution, implications for the Fed, and what this means for the bond market. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Avery Shenfeld, CIBC’s Chief Economist is joined by his colleague, Senior Economist Ali Jaffery, to discuss the threat of tariffs being posed by the United States and the implications for Canadian growth, inflation and interest rates. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

CIBC Senior Economist Katherine Judge interviews Chief Economist Avery Shenfeld about his take on Trump’s nominees, and what signals can be gleaned about the risk to the bond market from rising deficits, and the risks to inflation and trade from tariffs. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

CIBC Chief Economist Avery Shenfeld chats with Ali Jaffery, CIBC Senior Economist about how to read the tea leaves in this easing cycle. Those tea leaves point to the Bank of Canada taking another big step in December, enroute to a bit below neutral next year. For more information, check out the In Focus report here: https://economics.cibccm.com/cds?ID=c9e80163-55bb-469f-8b0a-c7f0877374de&TYPE=E Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Benjamin Tal, CIBC’s Deputy Chief Economist, joins Ali Jaffery, Senior Economist to talk through their latest note dissecting the US labor market. Motivated by a desire to preserve margin gains, businesses are adding less labor with job growth trending down and a worrisome pattern of revisions making it difficult to make a real-time read on the job market. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

CIBC Chief Economist Avery Shenfeld is joined by Dr. Richard Clarida, Managing Director & Global Economic Advisor, PIMCO, who shares his perspectives on the US outlook, the direction for the Fed, and the implications for markets. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Avery Shenfeld, CIBC's Chief Economist, joins Ali Jaffery, Senior Economist, to discuss the US federal election and the future directions of trade policy under a Trump or Harris presidency, and what this would mean for the US and Canada. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Avery Shenfeld, CIBC's Chief Economist, joins Ali Jaffery, Senior Economist, to discuss the labour dispute in Canada’s rail sector, what commodity prices are telling us about the global economy, and the future direction of monetary policy after Federal Reserve Chair Jerome Powell’s speech at Jackson Hole. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Avery Shenfeld, CIBC’s Chief Economist, joins colleague Andrew Grantham, Senior Economist, to discuss the slowing in the US economy and emerging recession fears, and shares their interest rate forecast changes for both Canada and the US. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

CIBC Capital Markets' Senior Economists, Ali Jaffery and Katherine Judge, discuss the outlook for shelter inflation in the US and Canada and why mortgage interest costs may increasingly distort the Bank of Canada’s preferred core measures of inflation. For more information, check out the mentioned In Focus report: https://cibccm.com/en/insights/articles/in-focus-seeking-shelter-from-shelter-inflation/ Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Avery Shenfeld, CIBC's Chief Economist, joins Ali Jaffery, CIBC's Senior Economist, to discuss why May’s inflation report needn’t deter the Bank of Canada from a rate cut in July, and the implications for bond market investors. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Benjamin Tal, Deputy Chief Economist, CIBC and Katherine Judge, Senior Economist, CIBC discuss how labour market dynamics and inflation risks are impacting Bank of Canada policy. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode of Eyes on the Economy, Katherine Judge chats with Ali Jaffery about potential monetary policy divergence between the Bank of Canada and the Fed, and what it means for Canadian inflation. For more information, check out the mentioned In Focus report here - https://cibccm.com/en/insights/articles/finding-the-limit-how-far-can-the-bank-of-canada-diverge-from-the-fed/ Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Avery Shenfeld, CIBC’s Chief Economist joins Andrew Grantham, Executive Director & Senior Economist, to discuss Canadian inflation, central bank policy and the Canadian dollar. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Ali Jaffery and Katherine Judge discuss the strength of the US consumer, which reflects a wave of wealthy retirees and lifestyle changes associated with work-from-home, as well as implications for monetary policy from the permanent shift in spending preferences towards goods and away from services. For more information, check out our latest In Focus report: https://cibccm.com/en/insights/articles/in-focus-the-goods-life-how-boomers-and-work-from-home-changed-american-spending-patterns/ Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Avery Shenfeld, CIBC’s Chief Economist, joins host Ali Jaffery to discuss Canada’s Federal Budget, where it stands relative to previous forecasts, and the implications of it for the broader economy, the Bank of Canada and the markets. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Benjamin Tal, Deputy Chief Economist at CIBC joins Avery Shenfeld to discuss Fed policy and where the US economy is heading, pointing to the fact that the current situation in the US is very similar to the soft landing of 1995. For more information, check out our latest In Focus report: https://cibccm.com/en/insights/articles/in-focus-1995-deja-vu/?utm_source=simplecast&utm_campaign=cm_insights_e-in-focus_aware&utm_content Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

In the inaugural episode of the Eyes on The Economy, our Chief Economist Avery Shenfeld, takes a closer look at the US economy – exploring the dichotomy that exists between the current data, which shows that the economy has been performing strongly, and polls, which would suggest the sentiment is not as positive for the average American consumer. Listen now to hear insights on what truly matters behind the numbers. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.