Describe the macro level impacts of stagflation and connect the dots to bank performance generally.

- Economic size-up - what macro trends are likely in the Canadian economy?

- Address stagflation vs. recession

- Expand beyond unemployment to forecast the outlook for interest rates and ease/difficulty in the ability of firms to obtain financing

- Capital market conditions

Demand Channel Impacts

How will the banking habits of Canadians change?

Forecast deposit volume, impact to Wealth/Insurance/Wholesale banking if markets are impacted?