The Weekly Bottom Line - February 4, 2011

The Weekly Bottom Line

TD Economics www.td.com/economics

February 4, 2011

HIGHLIGHTS OF THE WEEK United States • It was another busy week both at home and abroad, with political turmoil in the Middle-East influencing food and energy prices, while a string of mixed data reports showed mixed signals about the U.S. recovery.

• On the data front, the two ISM surveys showed a clear acceleration in the pace of U.S. economic growth.

However, Friday’s much anticipated non-farm payrolls release of 36K was a clear disappointment.

• Regardless, stocks seem to have taken the sluggish job numbers in stride, and the S&P500 is well poised to end the week in positive territory.

• There was also plenty of action in bond markets this week, as US yields crept up across the curve.

Canada • With real GDP advancing by a solid 0.4% M/M in November, economic growth in Q4/2010 is on track to hit the TD Economics and Bank of Canada forecast of 2.3% (Q/Q annualized). If anything, there is upside risk to that forecast, yet not large enough to warrant a departure from the Bank of Canada’s dovish tone.

• Employment surged at the onset of 2011, with 69K net new jobs created in January. However, an even larger surge of 106K in the labour force increased the unemployment rate by 0.2 percentage points to 7.8%. The composition of job gains across industries, private/public sectors, full-time/part-time tenures, and regions was well balanced. Meanwhile, wage growth remained modest but notched up slightly to 2.3% Y/Y for permanent employees. In the near-term, wage growth is unlikely to dip back down to the 1.9% Y/Y trough recorded in October 2010.

THIS WEEK IN THE MARKETS Current*

Week Ago

52-Week 52-Week High Low

Stock Market Indexes S&P 500 1308 1276 1308 1023 S&P/TSX Comp.

13841 13438 13841 11093 DAX 7201 7103 7201 5434 FTSE 100 6001 5881 6056 4806 Nikkei 10544 10360 11339 8824 Fixed Income Yields U.S. 10-yr Treasury 3.62 3.32 3.99 2.38 Canada 10-yr Bond 3.46 3.25 3.72 2.69 Germany 10-yr Bund 3.25 3.15 3.29 2.12 UK 10-yr Gilt 3.81 3.65 4.23 2.83 Japan 10-yr Bond 1.29 1.22 1.41 0.85 Foreign Exchange Cross Rates C$ (USD per CAD) 1.01 1.00 1.01 0.93 Euro (USD per EUR) 1.36 1.36 1.42 1.19 Pound (USD per GBP) 1.61 1.59 1.63 1.43 Yen (JPY per USD) 81.8 82.1 94.6 80.4 Commodity Spot Prices** Crude Oil ($US/bbl) 91.4 89.3 92.2 66.0 Natural Gas ($US/MMBtu) 4.70 4.29 5.73 3.18 Copper ($US/met. tonne) 9943.8 9544.5 9970.0 6067.8 Gold ($US/troy oz.)

1356.6 1336.8 1423.8 1062.9 *as of 10 am on Friday, **Oil-WTI, Cushing, Nat. Gas-Henry Hub, LA (Thursday close price), Copper-LME Grade A, Gold-London Gold Bullion; Source: Bloomberg

U.S. NONFARM PAYROLL EMPLOYMENT 500

Monthly change, thousands

300 100 -100 -300

Total

-500

Private Sector

-700 -900 Jan-09

Jan-10

Jan-11

Source: Bureau of Labor Statistics / Haver Analytics.

GLOBAL OFFICIAL POLICY RATE TARGETS Current Target 0 - 0.25% Federal Reserve (Fed Funds Rate) 1.00% Bank of Canada (Overnight Rate) 1.00% European Central Bank (Refi Rate) 0.50% Bank of England (Repo Rate) 0.00% Bank of Japan (Overnight Rate) Source: Central Banks, Haver Analytics

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UNITED STATES - ANOTHER BUSY WEEK FOR THE U.S. MARKET There has been no shortage of market action this week both at home and abroad. Internationally, democracy appears to have scored a big victory, as a rising tide of protestors has all but forced Egypt’s authoritarian President Mubarak to resign. In the long-run, this could have any number of repercussions for the region. But, its most immediate affect has been to sustain upward pressure on global food and oil prices, as markets fear the turmoil could spread throughout the region. Foreign developments also led to some volatility in the USD-EUR exchange rate, as surprisingly buoyant inflation numbers out of Europe sparked concerns that an ECB hike could come sooner than previously expected.

On the domestic front, this week furnished a useful – albeit somewhat conflicted – update on the state of the economic recovery, with the release of two large PMI surveys and the highly anticipated non-farm payrolls. There was a definite bullish undertone to the week’s early PMI releases, as both the ISM Manufacturing and Non-manufacturing surveys smashed through previous highs achieved earlier on in the recovery.

Unfortunately, any upward momentum generated by these surveys quickly reversed course on Friday, when January’s U.S. employment report offered up a measly 36K new jobs.

Without a doubt, this result has left us scratching our heads.

Leading employment indicators – including some of the PMI sub-indices and the Consumer Confidence survey – were all pointing towards a robust January payrolls number, but such a result clearly failed to materialize.

Against this ongoing backdrop of disappointing job numbers, there has also been a large drop in the unemployment rate of late. Back in November, unemployment stood at 9.8%, and now only two months latter has fallen to 9.0%. Much of US DOLLAR & OIL 1.39

US $

EUR/USD (inverted axis)

94

1.37

92

1.35

90

1.33

88

1.31

86 84

1.29

EUR/USD (left axis) 1.27 1.25 01-Dec

82

Oil* (right axis)

80 10-Dec

21-Dec

31-Dec

11-Jan

Source: Bloomberg. * West Texas Intermediate.

21-Jan

01-Feb

TREASURY INTEREST RATES 4.0

Yield (%) 10-yr

3.5

2-yr

5-yr

3.0 2.5 2.0 1.5 1.0 0.5 0.0 Jun-10

Jul-10

Aug-10

Sep-10

Nov-10

Dec-10

Jan-11

Source: Bloomberg

this improvement reflects a change in the labor force from a 2011 population benchmarking adjustment, as well as some “catch-up,” with household survey employment outperforming payrolls in recent months. Thus, it would seem that the unemployment rate may never have been as high as 9.8% in the first place. However, in spite of these measurement issues, for the unemployment to move down in a sustainable way as we move forward, overall employment growth needs to surpass 150K jobs per month on a consistent basis. Despite indications that the economy is accelerating, this trend has so far remained elusive.

On a more positive note, stock markets seemed to take the combination of political upheaval in the Middle-East and volatile economic data in stride. As of 11:00 am on Friday, the S&P 500 was poised to rise 2.3% on the week, and had more than reclaimed the losses incurred when the Egypt protests started last week. This development is encouraging, as it signals that investors are maintaining their appetites for risk. However, at least some of this buoyancy should also be ascribed to the Fed’s ongoing quantitative easing program and stronger economic growth reports, which have provided investors with an incentive to favor stocks over bonds.

As equities ended the week up, there was also some notable action in the bond market. Yields across the curve shot up, with 5 and 10 year yields reaching fresh highs in the post QE-2 environment. While some may be worried that this could undermine the effectiveness of the Fed’s purchase program, the increase would appear to stem from a healthy improvement in growth expectations, which caused real long-term interest rates to rise.

Alistair Bentley, Economist 416-307-5968

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CANADA – HEADED TOWARD A COMFORT ZONE This week served a good dose of top-tier economic data for Canada. Two crucial pieces were in the spotlight: November GDP and January employment. Each individual data release represented a sizeable step forward. Together, they boost confidence that private-sector activity has enough stamina to carry the economic recovery as the fiscal stimulus crutch starts to give.

Real GDP grew by a solid 0.4% M/M in November, the most in 8 months. Economic growth for Q4 as a whole is on track near the 2.3% forecast put forth by TD Economics and the Bank of Canada (BoC). The November industry performances were not surprising. Mining and oil & gas extraction ramped up along with wholesale and retail trade, while manufacturing and construction suffered setbacks.

Another pocket of strength was finance, insurance, and real estate activity, consistent with the solid performance of the housing market in late 2010.

On the real estate front, it would be hard to fault Canadians from being thoroughly confused with the “news” Chart1 they may have come upon of late. Is Canadian housing in a bubble? Is it crashing or headed for a severe correction?

Neither. “Piano Piano” (“slowly”), as Italians would say.

After a 3-year stint of high volatility, the existing home market is stabilizing. Over the next couple of years, two opposing forces will vie for its attention. The main tailwind to housing will be a slowly improving economy generating modest income and job gains, and higher household headship rates along with it. The main headwind, in the form of rising interest rates, will come from the bond market and monetary policy reactions to that same improved economy.

In other words, these two forces go hand-in-hand, partially CANADIAN REAL GDP 1.2

By industry, monthly % chg

1.0 0.8 0.6 0.4 0.2 0.0 -0.2 -0.4

3-month trend

-0.6 -0.8 -1.0

CANADIAN EMPLOYMENT 100

3-month average change, thousands

80

Total

60

Private sector

40 20 0 -20 -40 -60 -80 -100 Jan-09

Jan-10

Jan-11

Source: Statistics Canada / Haver Analytics.

offsetting each other. Historical evidence suggests that borrowing costs carry more weight during a recovery, implying a downdraft in residential real estate. Having said that, with interest rates still low and unlikely to surge, Canadian housing isn’t being led to slaughter. Nor did Canada’s mortgage market spark a financial crisis or initiate a recession, which is precisely when downdrafts can become hurricanes. The domestic housing sector’s clout over financial and economic outcomes is also somewhat diminished compared to its amplified influence during the boom and recession.

As a good steward of economic and financial stability, no doubt the BoC will justifiably continue to highlight mediumterm risks associated with high household indebtedness. Yet, with housing stabilizing and an economic recovery on firmer footing, the BoC can more calmly chart a path for monetary policy using its traditional dashboard of indicators. On the labour market front, job creation recorded a strong uptick in January. 69K jobs were created, widely distributed across industries and regions. The rub was that an even larger surge in the labour force raised the jobless rate from 7.6% to 7.8%. Further reflecting the remaining slack in the labour market, ‘cost-push’ wage inflation remained subdued. Even with this week’s data under its belt, a multitude of lingering risks will prevent the BoC from resting easy. Paralysis is no policy, however. Each passing positive economic data point puts the BoC closer to a ‘comfort zone’ where it could be at ease raising its overnight rate. It isn’t there yet, but should be by this summer.

-1.2 Nov-08

Nov-09

Source: Statistics Canada / Haver Analytics.

Nov-10

Pascal Gauthier, Senior Economist 416-944-5730

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U.S.: UPCOMING KEY ECONOMIC RELEASES U.S. International Trade - December* Release Date: February 11, 2011 November Result: -$38.3B TD Forecast: -$38.0B Consensus: -$40.0B

The US economy is expected to continue benefiting from the weak US dollar and positive momentum in global economic activity, with the trade deficit set to ease modestly to $38.0B in December from $38.3B the month before. Rising exports should be the key catalyst for this improvement in the deficit, with export demand expected to advance at a respectable 1.3% M/M pace, while imports should rise at a slightly more modest 1.0% M/M pace. The trade deficit with China is also expected to improve on the month, though this will be partially offset by an increase in the petroleum trade deficit, on account of higher crude oil prices. In real terms, trade is likely to be a source of support for economic activity during the month. In the coming months, the performance of the US trade deficit is likely to be somewhat mixed, as the positive impact from the weak U.S. dollar is likely to be partially offset by rising energy prices and increase import demand.

U.S. INTERNATIONAL TRADE BALANCE -25

US$, Billions

-30 -35 -40 -45 -50 -55 Nov-09

Jan-10

Mar-10

May-10

Jul-10

Sep-10

Source: Census Bureau / Haver Analytics

*Forecast by Rates and FX Strategy Group. For further information, contact TDRates&FXResearch@tdsecurities.com.

Nov-10

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CANADA: UPCOMING KEY ECONOMIC RELEASES Canadian Housing Starts - January* Release Date: February 8, 2011 December Result: 171.5K TD Forecast: 168K Consensus: 174K

Housing starts are expected to have begun the New Year frozen at an annualized level of 168K. After spending December unwinding a large gain in November, multiple unit starts appear to be at a comfortable level of 81K. Housing starts for single unit homes, meanwhile, are carving out a base in the neighbourhood of 64K annualized units. This forecast is consistent with residential mortgage rates, which were unchanged in the month, and weather that was broadly in line with historical seasonal patterns. In assessing the risk to this forecast, it would be to the downside, given the weakness we have observed in residential building permits in recent months. Looking further into 2011, the recent changes in the regulation of residential mortgages could

CANADIAN HOUSING STARTS 225

After shocking the market by narrowing so dramatically in November, the merchandise trade deficit is expected to widen once again to -0.4B in December. This forecast is based on continued growth in exports outpaced by a rebound in imports. Exports, which are forecast to advance by 2.0%, will be driven by a recovery in US auto production.

It is also expected that continued weakness in exports of machinery and equipment will balance out a portion of this strength. On the other side of the net export ledger, imports are forecast to rise by 2.6% following the outsized 3.2% drop in November. We expect both the energy sector and machinery and equipment to lead the rebound in imports.

When the impact of changing prices is taken into account, the outlook for trade deteriorates further, as export prices are forecast to have outstripped import prices by a considerable margin. As a result, the drag from trade on real GDP growth will be larger than what the headline nominal number would suggest. Despite a softer December, net exports will still

Thousands

Urban Multiples (right scale)

110 100 90

200

80 70

175

60

Total Starts (left scale) 150

50 Dec-09

Feb-10

Apr-10

Jun-10

Aug-10

Oct-10

Dec-10

Source: CMHC / Haver Analytics

pull some activity forward into the first quarter, but the overarching theme of a soft landing in the housing market remains our base case assumption.

Canadian International Trade - December* Release Date: February 11, 2011 November Result: -$0.1B TD Forecast: -$0.4B Consensus: -$0.3B

Thousands

CANADIAN INTERNATIONAL MERCHANDISE TRADE 42

Dollars, Billions

40

Exports

38

Imports

36 34 32 30 28 26 Nov-09

Jan-10

Mar-10

May-10

Jul-10

Sep-10

Nov-10

Source: Statistics Canada / Haver Analytics

play a very important role in supporting fourth quarter real GDP growth. We are currently tracking export growth in the neighbourhood of 15% annualized while imports could fall by as much as 5%. Though a portion of the contribution from trade to growth will be offset by lower inventory investment and slower business investment, it will help the Canadian economy achieve a better balance heading into 2011.

*Forecast by Rates and FX Strategy Group. For further information, contact TDRates&FXResearch@tdsecurities.com.

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RECENT KEY ECONOMIC INDICATORS: JANUARY 31 - FEBRUARY 4 Release Date

Economic Indicators

Jan 31 Jan 31 Jan 31 Jan 31 Jan 31 Jan 31 Jan 31 Feb 01 Feb 01 Feb 01 Feb 01 Feb 01 Feb 01 Feb 02 Feb 02 Feb 02 Feb 03 Feb 03 Feb 03 Feb 03 Feb 03 Feb 03 Feb 03 Feb 04 Feb 04 Feb 04 Feb 04 Feb 04

Personal Income Personal Spending PCE Core PCE Deflator Chicago Purchasing Manager NAPM-Milwaukee Dallas Fed Manf. Activity Construction Spending ISM Manufacturing ISM Prices Paid ABC Consumer Confidence Domestic Vehicle Sales Total Vehicle Sales MBA Mortgage Applications Challenger Job Cuts ADP Employment Change ICSC Chain Store Sales Unit Labor Costs Initial Jobless Claims Continuing Claims Nonfarm Productivity ISM Non-Manf. Composite Factory Orders Change in Nonfarm Payrolls Change in Private Payrolls Change in Manufact. Payrolls Unemployment Rate Avg Hourly Earning

Feb 04

Avg Weekly Hours All Employees

Jan 31 Jan 31 Jan 31 Feb 04 Feb 04 Feb 04 Feb 04 Feb 04 Feb 04

Gross Domestic Product Industrial Product Price Raw Materials Price Index Net Change in Employment Full Time Employment Change Participation Rate Part Time Employment Change Unemployment Rate Ivey Purchasing Managers Index

Jan 30 AU TD Securities Inflation Jan 30 JN Industrial Production Jan 31 EC Euro-Zone CPI Estimate Jan 31 AU RBA CASH TARGET Feb 01 UK Nat'wide House Prices nsa Feb 01 GE Unemployment Change Feb 01 GE Unemployment Rate Feb 02 NZ Unemployment Rate Feb 02 NZ Employment Change Feb 02 AU Trade Balance Feb 03 EC Euro-Zone Retail Sales Feb 03 EC ECB Announces Interest Rates Source: Bloomberg, TD Economics

United States

Canada

International

Data for Period

Units

Current

Prior

Dec Dec Dec Dec Jan Jan Jan Dec Jan Jan 30-Jan Jan Jan 28-Jan Jan Jan Jan 4Q P 29-Jan 22-Jan 4Q P Jan Dec Jan Jan Jan Jan Jan

M/M % Chg. M/M % Chg. M/M % Chg. Y/Y % Chg. Index Index Index M/M % Chg. Index Index Index Millions Millions W/W % Chg. Y/Y % Chg. Thousands Y/Y % Chg. Q/Q % Chg. Thousands Thousands Q/Q % Chg. Index M/M % Chg. Thousands Thousands Thousands % Y/Y % Chg.

0.4 0.7 0.0 1.2 68.8 57.0 10.9 -2.5 60.8 81.5 -41 9.59 12.53 11.3 -46.1 187 4.8 -0.6 415 3925 2.6 59.4 0.2 36 50 49 9.0 1.9

0.4 0.3 0.1 1.1 66.8 62.0 15.8 -0.2 57.0 72.5 -44 9.46 12.53 -12.9 -29.0 247 3.1 -0.1 457 4009 2.4 57.1 1.3 121 139 14 9.4 1.7

Jan

Hours

34.2

34.3

Nov Dec Dec Jan Jan Jan Jan Jan Jan

M/M % Chg. M/M % Chg. M/M % Chg. Thousands Thousands % Thousands % Index

0.4 0.7 4.2 69.2 31.1 67.0 38.0 7.8 --

0.2 0.6 3.6 22.0 40.5 66.7 -9.9 7.6 50.0

Jan Dec P Jan -Jan Jan Jan 4Q 4Q Dec Dec --

Y/Y % Chg. Y/Y % Chg. Y/Y % Chg. % Y/Y % Chg. Thousands % % Y/Y % Chg. AUD, Millions Y/Y % Chg. %

3.4 4.6 2.4 4.75 -1.1 -13 7.4 6.8 1.3 1981 -0.9 1.00

3.8 5.8 2.2 4.75 0.4 1 7.5 6.4 1.8 2078 0.8 1.00

R R R

R R

R

R R R R R R R R

R R R R R

R

R R

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UPCOMING ECONOMIC RELEASES AND EVENTS: FEBRUARY 7-11, 2011 Release Date

Time*

Economic Indicator/Event

United States

Feb Feb Feb Feb Feb Feb Feb Feb Feb Feb Feb Feb Feb Feb Feb Feb Feb Feb Feb

07 08 08 08 08 08 08 08 09 09 09 09 10 10 10 10 10 11 11

15:00 7:30 8:45 10:00 10:00 13:00 13:30 17:00 7:00 10:00 17:45 18:45 8:30 8:30 10:00 12:45 14:00 8:30 9:55

Consumer Credit NFIB Small Business Optimism Fed's Lacker Speaks on Economy in Newark, Delaware IBD/TIPP Economic Optimism JOLTs Job Openings Fed's Lockhart Speaks in Fort McClellan, Alabama Fed's Fisher Speaks in Dallas on U.S. Economy ABC Consumer Confidence MBA Mortgage Applications Bernanke Testifies at House Budget Committee NY Fed's Sack to Speak about QE2 in Philadelphia Fed's Lockhart Speaks on U.S. Outlook in Atlanta Initial Jobless Claims Continuing Claims Wholesale Inventories Fed's Lockhart Speaks on Panel on Debt, Fiscal Policy Monthly Budget Statement Trade Balance U. of Michigan Confidence

Feb Feb Feb Feb Feb

07 08 10 10 11

8:30 8:15 8:30 13:30 8:30

Building Permits Housing Starts New Housing Price Index Deputy Gov. John Murray Speaks in Regina, SK Int'l Merchandise Trade

Canada

International

Feb 07 6:00 GE Factory Orders Feb 07 18:50 JN Adjusted Current Account Total Feb 07 18:50 JN Trade Balance - BOP Basis Feb 08 2:30 FR Bank of France Bus. Sentiment Feb 08 2:45 FR Trade Balance Feb 08 6:00 GE Industrial Prod.

Feb 08 18:00 NZ QV House Prices Feb 08 18:30 AU Westpac Consumer Confidence Index Feb 08 -JN Eco Watchers Survey: Current Feb 08 -JN Eco Watchers Survey: Outlook Feb 09 0:00 JN Consumer Confidence Feb 09 2:00 GE Current Account Feb 09 2:00 GE Trade Balance Feb 09 4:30 UK Total Trade Balance Feb 09 18:50 JN Machine Orders Feb 09 19:30 AU Employment Change Feb 09 19:30 AU Unemployment Rate Feb 10 2:45 FR Industrial Production Feb 10 2:45 FR Manufacturing Production Feb 10 4:00 EC ECB Publishes Feb. Monthly Report Feb 10 4:30 UK Industrial Production Feb 10 4:30 UK Manufacturing Production Feb 10 7:00 UK BOE Asset Purchase Target Feb 10 7:00 UK BOE Announces Rates Feb 10 -UK NIESR GDP Estimate Feb 11 2:45 FR Current Account Feb 11 2:45 FR Non-Farm Payrolls Feb 11 2:45 FR Wages Feb 11 4:30 UK PPI Output n.s.a. * Eastern Standard Time; Source: Bloomberg, TD Economics

Consensus Last Period Forecast

Data for Period

Units

Dec Jan

US$, Billions Index

2.500 94.0

1.346 92.6

Feb Dec

Index Thousands

---

51.9 3248

06-Feb 04-Feb

Index W/W % Chg.

---

-41 11.3

05-Feb 29-Jan Dec

Thousands Thousands %

410 3900 0.8

415 3925 0.2

Jan Dec Feb P

US$, Billions US$, Billions Index

-60.5 -40.0 75.0

--38.3 74.2

Dec Jan Dec

M/M % Chg. Thousands M/M % Chg.

3.5 174.0 0.2

-11.2 171.5 0.3

Dec

C$, Billions

-0.3

-0.1

Dec Dec Dec Jan Dec Dec Jan Feb Jan Jan Jan Dec Dec Dec Dec Jan Jan Dec Dec

Y/Y % Chg. Yen, Billions Yen, Billions Index Euros, Billions Y/Y % Chg. Y/Y % Chg. Index Index Index Index Euros, Billions Euros, Billions GBP, Millions Y/Y % Chg. Thousands % Y/Y % Chg. Y/Y % Chg.

21.3 1530.8 779.7 --4.2 11.5 --45.5 --14.0 12.0 -4000 2.2 20.0 5.0 5.7 6.0

Dec Dec Feb

Y/Y % Chg. Y/Y % Chg. GBP, Billions % % Euros, Billions Q/Q % Chg. Q/Q % Chg. Y/Y % Chg.

3.7 5.4 200 0.50 ---0.3 4.4

20.6 1145.1 259.7 108 -3.9 11.1 -0.9 104.6 45.1 43.9 40.2 12.0 12.9 -4123 11.6 2.3 5.0 6.0 5.1 0.0 3.3 5.6 200 0.50 0.5 -4.2 0.1 0.3 4.2

Jan Dec 4Q P 4Q P Jan

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CONTACTS AT TD ECONOMICS Craig Alexander Senior Vice President and Chief Economist mailto:craig.alexander@td.com

CANADIAN ECONOMIC ANALYSIS

U.S. & INTERNATIONAL ECONOMIC ANALYSIS

Derek Burleton, Vice President and Deputy Chief Economist mailto:derek.burleton@td.com

Pascal Gauthier Senior Economist mailto:pascal.gauthier@td.com

Beata Caranci, Associate Vice President and Deputy Chief Economist mailto:beata.caranci@td.com

James Marple Senior Economist mailto:james.marple@td.com

Diana Petramala Economist, Macro mailto:diana.petramala@td.com

Martin Schwerdtfeger Economist, International mailto: martin.schwerdtfeger@td.com

Francis Fong Economist, Special Studies mailto:francis.fong@td.com

Christos Shiamptanis Economist mailto: christos.shiamptanis@td.com

Dina Cover Economist, Industry mailto:dina.cover@td.com

Alistair Bentley Economist mailto: alistair.bentley@td.com

Shahrzad Mobasher Fard

Economist, Industry mailto:shahrzad.fard@td.com

Sonya Gulati

Economist, Regional and Government Finances mailto:sonya.gulati@td.com

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