{"id":44616,"date":"2024-03-08T14:45:33","date_gmt":"2024-03-08T14:45:33","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/03\/08\/averted-a-recession-canada-senior-bank-executives-on-the-economy\/"},"modified":"2024-03-08T14:45:33","modified_gmt":"2024-03-08T14:45:33","slug":"averted-a-recession-canada-senior-bank-executives-on-the-economy","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/03\/08\/averted-a-recession-canada-senior-bank-executives-on-the-economy\/","title":{"rendered":"\u2018Averted a recession\u2019: Canada senior bank executives on the economy"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">Finance<\/li>\n<li class=\"breadcrumbs__item\">Economy<\/li>\n<li class=\"breadcrumbs__item\">Banking<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">Senior officials address issues ranging from the financial health of consumers to interest rates and credit quality<\/p>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published Mar 08, 2024<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">3 minute read<\/span><\/p>\n<\/p><\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Bank towers in Toronto&#8217;s financial district.<\/span> <span class=\"credit\">Photo by Nathan Denette\/The Canadian Press<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">Senior executives from Canada\u2019s biggest banks were in New York this week for the RBC Capital Markets Financial Institutions Conference, where they addressed issues ranging from the financial health of consumers to interest rates and credit quality. The Financial Post\u2019s Denise Paglinawan rounds up some of the highlights.<\/p>\n<h2><span><b>Canada is not alone in lagging the U.S. economy<\/b><\/span><\/h2>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment8268829874210280296337222911655936\" class=\"ad\">\n<p>Advertisement 2<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" data-aqa=\"advertisement\" id=\"ad-2\" style=\"--desktopHeight:250px;--mobileHeight:600px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<div class=\"article-block article-block-bg article-content__sign-in-group hidden\" data-aqa=\"identity-sign-in\" data-async=\"\" id=\"article-block\">\n<section class=\"row\">\n<header class=\"identity-intro col-xs-12 col-md-6 flex-justify-center\">\n<div class=\"col-xs-12 col-sm-10 col-md-10\"><img loading=\"lazy\" decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/dcs-static.gprod.postmedia.digital\/15.6.0\/websites\/images\/identity\/logo-identity-fp.svg 75w, https:\/\/dcs-static.gprod.postmedia.digital\/15.6.0\/websites\/images\/identity\/logo-identity-fp.svg 100w, https:\/\/dcs-static.gprod.postmedia.digital\/15.6.0\/websites\/images\/identity\/logo-identity-fp.svg 150w, https:\/\/dcs-static.gprod.postmedia.digital\/15.6.0\/websites\/images\/identity\/logo-identity-fp.svg 240w, https:\/\/dcs-static.gprod.postmedia.digital\/15.6.0\/websites\/images\/identity\/logo-identity-fp.svg 320w, https:\/\/dcs-static.gprod.postmedia.digital\/15.6.0\/websites\/images\/identity\/logo-identity-fp.svg 500w, https:\/\/dcs-static.gprod.postmedia.digital\/15.6.0\/websites\/images\/identity\/logo-identity-fp.svg 640w, https:\/\/dcs-static.gprod.postmedia.digital\/15.6.0\/websites\/images\/identity\/logo-identity-fp.svg 800w, https:\/\/dcs-static.gprod.postmedia.digital\/15.6.0\/websites\/images\/identity\/logo-identity-fp.svg 1024w, https:\/\/dcs-static.gprod.postmedia.digital\/15.6.0\/websites\/images\/identity\/logo-identity-fp.svg 1280w, https:\/\/dcs-static.gprod.postmedia.digital\/15.6.0\/websites\/images\/identity\/logo-identity-fp.svg 1600w\" alt=\"Financial Post\" class=\"market-logo\" height=\"37\" fifu-data-src=\"https:\/\/dcs-static.gprod.postmedia.digital\/15.6.0\/websites\/images\/identity\/logo-identity-fp.svg\" width=\"280\"\/><\/p>\n<div class=\"intro-body__premium hidden\">\n<p>THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY<\/p>\n<p class=\"identity-intro__description\">Subscribe now to read the latest news in your city and across Canada.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Exclusive articles from Barbara Shecter, Joe O&#8217;Connor, Gabriel Friedman, Victoria Wells and others.<\/li>\n<li>Daily content from Financial Times, the world&#8217;s leading global business publication.<\/li>\n<li>Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.<\/li>\n<li>National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.<\/li>\n<li>Daily puzzles, including the New York Times Crossword.<\/li>\n<\/ul>\n<\/div>\n<div class=\"intro-body__register 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class=\"list-unstyled list-checkmark\">\n<li>Access articles from across Canada with one account.<\/li>\n<li>Share your thoughts and join the conversation in the comments.<\/li>\n<li>Enjoy additional articles per month.<\/li>\n<li>Get email updates from your favourite authors.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/header>\n<div class=\"identity-screen m-x-0 p-x-0 col-xs-12 col-md-6 flex-justify-center flex-align-center\" aria-live=\"assertive\">\n<section class=\"sail\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-sailthru-personalization-engine=\"\" data-sailthru-personalization-engine-component=\"\"\/>\n<div class=\"m-x-0 p-x-0 col-xs-12 col-sm-6 col-md-12 flex-align-justify-center\" data-auth-component=\"\" id=\"auth-screen-form\">\n<div class=\"identity-screen-form--active w-full flex-align-justify-center\">\n<div class=\"identity-screen-form identity-screen__content w-full\">\n<h2 class=\"blocker-title\">Sign In or Create an Account<\/h2>\n<p><span class=\"identity-divider__line\"\/><span class=\"identity-divider__text\">or<\/span><span class=\"identity-divider__line\"\/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<footer class=\"identity-footer identity-screen__content m-x-0 p-x-0 col-sm-6 col-md-12\"\/><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\">Royal Bank of Canada chief executive Dave McKay has noted previously that mortgage payment shock was the main culprit for Canada\u2019s economic underperformance when compared to its neighbour to the south, but this week he noted that other developed economies are in a similar boat. The U.K and Australian economies are also slowing from softer consumer demand caused by higher interest rates, in large part because mortgage debt is being repriced there while in the U.S., where 30-year fixed mortgage terms\u00a0are the norm, debt is not rolling over. McKay said on March 5 Canadian banks are repricing roughly 15 per cent of their \u201cback book\u201d of existing mortgage clients, a fairly significant shock that is pulling disposable income back from the consumer.<strong\/><\/p>\n<p data-async=\"\">Toronto-Dominion Bank chief financial officer Kelvin Tran also said he\u2019s seeing a change in consumer behaviour in which they adjust their spending based on their debt to service ratio. \u201cYou actually see them adjusting their behaviour or spending less, holding more cash cushion,\u201d he said on March 6. Tran said consumers from the last 12 months have been taking action, either by paying a lump sum down or increasing their payments to get ahead of potential debt issues.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot11 article-content__widget-group--newsletter-slot\">\n<section class=\"newsletter-widget__new-story-page fp-headlinenews background--primary-light-gradient\" aria-labelledby=\"FinancialPostTopStories4525476940057116607218704405495808\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/dcs-static.gprod.postmedia.digital\/15.6.0\/websites\/images\/newsletters\/icon-fp-topStories.svg 75w, https:\/\/dcs-static.gprod.postmedia.digital\/15.6.0\/websites\/images\/newsletters\/icon-fp-topStories.svg 100w, https:\/\/dcs-static.gprod.postmedia.digital\/15.6.0\/websites\/images\/newsletters\/icon-fp-topStories.svg 150w, https:\/\/dcs-static.gprod.postmedia.digital\/15.6.0\/websites\/images\/newsletters\/icon-fp-topStories.svg 240w, https:\/\/dcs-static.gprod.postmedia.digital\/15.6.0\/websites\/images\/newsletters\/icon-fp-topStories.svg 320w, https:\/\/dcs-static.gprod.postmedia.digital\/15.6.0\/websites\/images\/newsletters\/icon-fp-topStories.svg 500w, https:\/\/dcs-static.gprod.postmedia.digital\/15.6.0\/websites\/images\/newsletters\/icon-fp-topStories.svg 640w, https:\/\/dcs-static.gprod.postmedia.digital\/15.6.0\/websites\/images\/newsletters\/icon-fp-topStories.svg 800w, https:\/\/dcs-static.gprod.postmedia.digital\/15.6.0\/websites\/images\/newsletters\/icon-fp-topStories.svg 1024w, https:\/\/dcs-static.gprod.postmedia.digital\/15.6.0\/websites\/images\/newsletters\/icon-fp-topStories.svg 1280w, https:\/\/dcs-static.gprod.postmedia.digital\/15.6.0\/websites\/images\/newsletters\/icon-fp-topStories.svg 1600w\" alt=\"Top Stories\" loading=\"lazy\" fifu-data-src=\"https:\/\/dcs-static.gprod.postmedia.digital\/15.6.0\/websites\/images\/newsletters\/icon-fp-topStories.svg\"\/><\/div>\n<div>\n<p>Top Stories<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">Get the latest headlines, breaking news and columns.<\/p>\n<\/div>\n<\/div>\n<div class=\"newsletter-widget__body__new-story-page\">\n<div class=\"js-replace-main__new-story-page\">\n<p class=\"newsletter-widget__disclaimer__new-story-page text-size--tiny\">By signing up you consent to receive the above newsletter from Postmedia Network Inc.<\/p>\n<\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_HeadlineNews\">\n<p>Thanks for signing up!<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text__new-story-page newsletter__feedback--last\">The next issue of Top Stories will soon be in your inbox.<\/p>\n<\/div>\n<p class=\"newsletter-widget__text__new-story-page js-submit-error\" style=\"margin-top: 8px\" hidden=\"\" id=\"submitErrorFP_HeadlineNews\">We encountered an issue signing you up. Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment2158126475092754047437559700652032\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<h2><strong>Banks are starting to notice\u00a0<\/strong><b>delinquencies, but nothing alarming<\/b><\/h2>\n<p data-async=\"\">Hratch Panossian, chief financial officer at Canadian Imperial Bank of Commerce, said that over the last couple of quarters, delinquencies are starting to come up in mortgage portfolios across the industry. While there\u2019s been an increase in delinquency days, there has yet to have been much in terms of losses and charge-offs, he noted. Panossian said this is pretty consistent with \u201ccommon sense\u201d expectations. First, delinquency days started to rise and unsecured portfolios suffered monthly payment shocks more quickly as interest rates went up, he said. Lines of credit, secured or unsecured, had monthly payments changed to reflect interest rates, while credit cards did not. \u201cWe haven\u2019t seen much change in utilization levels over the last year or credit quality. And so in terms of people\u2019s ability to make those payments, there hasn\u2019t been a big shock yet,\u201d he said.<\/p>\n<section aria-labelledby=\"moreTopicLabel8771117075129493255457295386542080\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li data-evt-val=\"{\" control_fields=\"\" not=\"\" alone=\"\" in=\"\" underperforming=\"\" the=\"\" u.s.:=\"\" mckay=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/davd-mckay-rbc-0305-ph.jpg?h=96&strip=all&quality=5&sig=plfT-QwDcJskF0uRy0G3cg&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/davd-mckay-rbc-0305-ph.jpg?h=96&strip=all&quality=5&sig=plfT-QwDcJskF0uRy0G3cg&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/davd-mckay-rbc-0305-ph.jpg?h=96&strip=all&quality=5&sig=plfT-QwDcJskF0uRy0G3cg&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/davd-mckay-rbc-0305-ph.jpg?h=96&strip=all&quality=5&sig=plfT-QwDcJskF0uRy0G3cg&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/davd-mckay-rbc-0305-ph.jpg?h=96&strip=all&quality=5&sig=plfT-QwDcJskF0uRy0G3cg&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/davd-mckay-rbc-0305-ph.jpg?h=96&strip=all&quality=5&sig=plfT-QwDcJskF0uRy0G3cg&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/davd-mckay-rbc-0305-ph.jpg?h=96&strip=all&quality=5&sig=plfT-QwDcJskF0uRy0G3cg&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/davd-mckay-rbc-0305-ph.jpg?h=96&strip=all&quality=5&sig=plfT-QwDcJskF0uRy0G3cg&ssl=1&w=800&resize=800&ssl=1 800w, 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fifu-data-src=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/davd-mckay-rbc-0305-ph.jpg?h=96&strip=all&quality=5&sig=plfT-QwDcJskF0uRy0G3cg&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/davd-mckay-rbc-0305-ph.jpg?h=96&strip=all&quality=80&sig=fXcq0fmC_fSsYnhrlGZCzw, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/davd-mckay-rbc-0305-ph.jpg?h=192&strip=all&quality=80&sig=hWHkPTQKL7i2PW0kQ7y99A 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/davd-mckay-rbc-0305-ph.jpg?h=288&strip=all&quality=80&sig=xgrEnq_esgR5-zcYGNmfqA 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Canada not alone in underperforming the U.S.: McKay<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" big=\"\" banks=\"\" weathering=\"\" the=\"\" storm=\"\" as=\"\" credit=\"\" strain=\"\" mounts=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/banks-0301-ph.jpg?h=96&strip=all&quality=5&sig=ih5woo5izDsgUcr-0Gqufw&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/banks-0301-ph.jpg?h=96&strip=all&quality=5&sig=ih5woo5izDsgUcr-0Gqufw&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/banks-0301-ph.jpg?h=96&strip=all&quality=5&sig=ih5woo5izDsgUcr-0Gqufw&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/banks-0301-ph.jpg?h=96&strip=all&quality=5&sig=ih5woo5izDsgUcr-0Gqufw&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/banks-0301-ph.jpg?h=96&strip=all&quality=5&sig=ih5woo5izDsgUcr-0Gqufw&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/banks-0301-ph.jpg?h=96&strip=all&quality=5&sig=ih5woo5izDsgUcr-0Gqufw&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/banks-0301-ph.jpg?h=96&strip=all&quality=5&sig=ih5woo5izDsgUcr-0Gqufw&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/banks-0301-ph.jpg?h=96&strip=all&quality=5&sig=ih5woo5izDsgUcr-0Gqufw&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/banks-0301-ph.jpg?h=96&strip=all&quality=5&sig=ih5woo5izDsgUcr-0Gqufw&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/banks-0301-ph.jpg?h=96&strip=all&quality=5&sig=ih5woo5izDsgUcr-0Gqufw&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/banks-0301-ph.jpg?h=96&strip=all&quality=5&sig=ih5woo5izDsgUcr-0Gqufw&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Canada's six big banks appear to be weathering a softening economy brought on by higher interest rates.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/banks-0301-ph.jpg?h=96&strip=all&quality=80&sig=q6zWcgoNsepJ2TBuesQTKQ\" fifu-data-src=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/banks-0301-ph.jpg?h=96&strip=all&quality=5&sig=ih5woo5izDsgUcr-0Gqufw&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/banks-0301-ph.jpg?h=96&strip=all&quality=80&sig=q6zWcgoNsepJ2TBuesQTKQ, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/banks-0301-ph.jpg?h=192&strip=all&quality=80&sig=SpEByBGaULl3DO5IiCaRDg 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/banks-0301-ph.jpg?h=288&strip=all&quality=80&sig=ZNgju7Wfyhyy6CnqL9ccAQ 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Canada\u2019s big banks weathering the storm as credit strain mounts<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" over=\"\" rate=\"\" cuts=\"\" dragging=\"\" on=\"\" big=\"\" six=\"\" say=\"\" analysts=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/02\/banks-new-0226-ph.jpg?h=96&strip=all&quality=5&sig=oTTsGbeS3G3nxmQTZKg10A&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/02\/banks-new-0226-ph.jpg?h=96&strip=all&quality=5&sig=oTTsGbeS3G3nxmQTZKg10A&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/02\/banks-new-0226-ph.jpg?h=96&strip=all&quality=5&sig=oTTsGbeS3G3nxmQTZKg10A&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/02\/banks-new-0226-ph.jpg?h=96&strip=all&quality=5&sig=oTTsGbeS3G3nxmQTZKg10A&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/02\/banks-new-0226-ph.jpg?h=96&strip=all&quality=5&sig=oTTsGbeS3G3nxmQTZKg10A&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/02\/banks-new-0226-ph.jpg?h=96&strip=all&quality=5&sig=oTTsGbeS3G3nxmQTZKg10A&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/02\/banks-new-0226-ph.jpg?h=96&strip=all&quality=5&sig=oTTsGbeS3G3nxmQTZKg10A&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/02\/banks-new-0226-ph.jpg?h=96&strip=all&quality=5&sig=oTTsGbeS3G3nxmQTZKg10A&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/02\/banks-new-0226-ph.jpg?h=96&strip=all&quality=5&sig=oTTsGbeS3G3nxmQTZKg10A&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/02\/banks-new-0226-ph.jpg?h=96&strip=all&quality=5&sig=oTTsGbeS3G3nxmQTZKg10A&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/02\/banks-new-0226-ph.jpg?h=96&strip=all&quality=5&sig=oTTsGbeS3G3nxmQTZKg10A&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Canada's big banks report earnings this week. \n\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/02\/banks-new-0226-ph.jpg?h=96&strip=all&quality=80&sig=cBC2xefS4Y6dfzSGxYiLHA\" fifu-data-src=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/02\/banks-new-0226-ph.jpg?h=96&strip=all&quality=5&sig=oTTsGbeS3G3nxmQTZKg10A&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/02\/banks-new-0226-ph.jpg?h=96&strip=all&quality=80&sig=cBC2xefS4Y6dfzSGxYiLHA, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/02\/banks-new-0226-ph.jpg?h=192&strip=all&quality=80&sig=rywztFJypqLBE7EzKWU-rw 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/02\/banks-new-0226-ph.jpg?h=288&strip=all&quality=80&sig=a3zRhaNeIdxUSdX6mL9GSA 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Uncertainty over rate cuts dragging on Big Six, say analysts<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment5066800426460485523471706804453376\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<h2><strong>The economy is getting better<\/strong><\/h2>\n<p data-async=\"\">Bank of Montreal chief revenue officer Piyush Agrawal said the macroeconomic scene has got better than in previous quarters. \u201cWe\u2019ve averted a recession,\u201d he said, noting that a soft landing had materialized and that things were getting better. For its businesses, specifically newly acquired Bank of the West, Agrawal said BMO is watching macroeconomic shifts and expects rate cuts in the second half of the year. While that trajectory is not linear, he said markets are betting softer rate cuts and different timing than initially expected. At the end of the day, even with rate cuts, the impact on credit is going to be something to watch: credit migration and\/or credit growth will both be big going forward, he said.<\/p>\n<p data-async=\"\"><em>\u2022 Email: dpaglinawan@postmedia.com<\/em><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>\u2018Averted a recession\u2019: Canada senior bank executives on the economy<\/a><br \/>\n<br \/>2024-03-08 14:45:33<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links Finance Economy Banking Senior officials address issues ranging from the financial health of consumers to interest rates and credit quality Published Mar 08, 2024 \u00a0\u2022\u00a0 3 minute&#8230;<\/p>\n","protected":false},"author":2,"featured_media":44617,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/canada-banks-vw0308.jpg?quality=90&strip=all&w=288&h=216&sig=GLy0J1MtOUlxQqU8jEwkjw","fifu_image_alt":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-44616","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/44616","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=44616"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/44616\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/44617"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=44616"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=44616"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=44616"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}