Insights

High stakes, narrow margins: Canada’s federal budget bets on investment-led growth

November 05, 2025 |Cynthia Leach, Robert Hogue, and Salim Zanzana

Overall, the story of Budget 2025 is as expected. There is big new spending and deficits that would be even larger without review savings. Buffers are slim against the two fiscal anchors of a balanced operating budget by 2028-29, and a declining deficit-to-GDP...

Gold’s regime change?

June 27, 2025 |Joseph Wu, CFA

The longstanding inverse relationship between gold and real interest rates seems to have broken down, suggesting new forces—central bank buying, geopolitical uncertainty, and portfolio diversification—have a larger role in driving demand for bullion.