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Mea Culpa

I am in sunny Winnipeg today and have just caught up with today's carnage. Therer was a huge bond rally today in the wake of more disappointing economic news and a further sharp decline in the price of oil.

I note that the TED spread fell another 30 basis points or so so it is not all bad.

And where are all those manufacturers whining about the strong Canadian dollar???  The plunge in the loonie and the drop in crude oil will give Canadian exporters a big boost while keeping inflation at bay.

The Bank Rate will likely go down by another 50 beeps in December.

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