These are stories Report on Business followed this week.
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Bank of Montreal's chief economist doesn't want to use the phrase "kicking the can down the road" because it has been so overused.
But, says Douglas Porter, that's "essentially what at least five decision-makers did, or seemed to do, this week."
In a new report, Mr. Porter took a look at events across the globe, and determined that certain hard calls have simply been delayed:
The Bank of Canada
Markets seemed to think that Governor Stephen Poloz and his colleagues would follow their surprise January rate cut with a not-so-surprising second cut next week. But Mr. Poloz surprised them again in a speech at Western by saying the "insurance" he took out with last month's cut of one-quarter of a percentage point was "appropriate" under the circumstances.
Mr. Porter actually questioned the January move, as the central bank had given no signal, opting instead for shock and awe. On the other hand, there's a "very real possibility" that markets are underplaying the potential impact from the oil slump.
"We expect no move next week, but still give reasonable odds to a further trim in the spring," said the BMO economist.
Others also expect Mr. Poloz to hold tight next week, though not forever.
"We continue to believe that given the size of the negative shock on the economy, another rate cut will likely be needed," said Charles St-Arnaud of Nomura.
"However, the timing of this cut will depend on incoming data, especially the price of oil, non-energy exports, signs that the weakness affects regions and sectors not linked to oil production and changes in household indebtedness."
The Fed
Mr. Poloz's counterpart, Federal Reserve chair Janet Yellen, didn't shed a lot of light in her congressional testimony this week.
"But the main message was that the Fed is no rush to begin tightening," Mr. Porter said.
Many observers – Mr. Porter isn't one of them – think the U.S. central bank will unveil its first rate hike in June. Others suggest later.
Ms. Yellen said she doesn't see a hike for at least two meetings – she's patient, remember – but it's now anyone's guess. And her testimony this week appeared to "dampen chances of an early move," Mr. Porter said.
"Among forecasters, the line now seems to be as sharply divided between the June and September meeting, as between whether the dress on the Internet is blue/black or white/gold," Mr. Porter said.
"We continue to believe the Fed will wait until September before hiking rates (and that it's blue)."
Senior economist James Marple of Toronto-Dominion bank didn't offer a guess on the dress, and I wasn't going to ask, but here's how he sees it:
"Absent a major shock to the outlook, a first rate hike from the Federal Reserve is in the cards for 2015. Nonetheless, while the Fed is intent on getting interest rates off the floor, they are likely to remain at relatively low levels for an extended period of time."
Greece
I've personally lost count of the number of weeks, months and years this thing has been kicked down the road.
Basically, Athens got a four-month extension on its bailout provisions this week after everyone wrung their hands and the German newspaper Bild urged the Bundestag, in a huge one-word headline, to say nein.
"This stop-gap deal appears to be the very essence of 'kicking the can,' and the issue looks likely to re-emerge big time in June," said Mr. Porter.
He's not alone.
"The song and dance that played out over the last month about Greece's finances was a political stage show, and we will go through it all over again in a few months when the extension runs out," said market analyst David Madden of IG in London.
The Keystone XL pipeline
What's it been now? Six years.
President Barack Obama this week vetoed the bill aimed at pushing Keystone along, to no one's surprise.
Not that TransCanada Corp. had expected him to do anything differently.
No, no, no, it wasn't a final decision, the White House stressed.
It was simply meant to stop the Republicans and ensure that proper procedure is followed.
Or, as the president put it in his letter to the Senate, the attempt by Congress that "cuts short thorough consideration of issues that could bear on our national interest."
Right. After six years, why cut it short now?
The weather
Mr. Porter's fifth can-kicker is Mother Nature: "Judging by the relentless deep freeze in much of North America, spring has been kicked down the road a few months."
The loonie
Yes, this makes six. Because Mr. Porter's fifth is only partly markets-related, I decided to add my own.
Reprieve may be too strong a word, but the Canadian dollar got something approaching that this week, having hit a low not that long ago of 78.22 cents U.S. but reaching a high point yesterday above the 80-cent mark.
Mr. Poloz's clarification helped that along earlier in the week.
But, fear not, the loonie's going down again. Maybe not to 69 cents, as Macquarie projected this week.
But at least to 75 cents, according to many forecasters.
"After a 9-per-cent depreciation in January, the Canadian dollar (CAD) traded within a range throughout most of February," noted chief currency strategist Camilla Sutton of Bank of Nova Scotia.
"From here there are three major drivers of CAD: 1) oil prices; 2) BoC and Fed policy developments; and 3) the broad USD move," she added, referring to the U.S. dollar by its symbol.
"The bulk of CAD depreciation has likely occurred, but we expect further weakness to materialize before year-end."
- Barrie McKenna and David Parkinson: Poloz says January rate cut was the 'appropriate amount'
- Yellen signals Fed to be flexible after 'patient' vow changes
- Greece's 'creative ambiguity' won extra lifeline, finance minister says
- Paul Koring: Obama vetoes proposed Keystone XL pipeline bill
- Luke Kawa's Inside the Market (for subscribers): Global bank takes bleak view on Canada, sees 69-cent loonie
- The dark side of a weak loonie: Prices for food, clothes, books shoot up
- Is this dress white and gold, or black and blue?
The week in Business Briefing
- Canada's depressing day: Alberta warns of woe, Poloz of 'setback'
- Target has its 'Blame Canada' moment with a whopping loss
- Traffic jam? Ford proposes car that transforms into a bicycle
- The dark side of a weak loonie: Prices for food, clothes, books shoot up
- Canada forecast to see two years of tame economic growth amid oil shock
ROB Magazine
- Tim Kiladze: Inside Canadian banks' billion-dollar Caribbean struggle
- Eric Reguly: Why do central banks keep making the rich richer?
- Ian McGugan: Market history can be a lousy teacher
- Steve Brearton: Canada's Top 100 brands
- Charles Wilkins: Inside the race for Canada's nuclear waste
The week's top business videos
- Carrick Talks Money: The one time it makes sense to borrow to invest
- The Bottom Line: Should we fear a crash in auto loans?
- Streetwise: What's next for Bay St. player Michael Wekerle?
- Bull Vs. Bear: Is it a mistake to bet against Apple?
- Carrick Talks Money: Why do so many people hate RRSPs?
The week in Streetwise (for subscribers)
- Tim Kiladze: Bay Street should banish its annual league tables
- Jeffrey Jones: Alberta now has a reason to branch out into renewable energy
- Jacqueline Nelson: Insurers struggle to court millennials
- Sean Silcoff: Another former income trust shakes hands with the taxman
- Clare O'Hara: Costs forcing smaller financial dealers into arms of larger rivals
The week in Inside the Market (for subscribers)
- Scott Barlow: Bond market suggests trouble ahead for Canadian equities
- Tim Shufelt: Three stocks that fund managers are buying this month
- Rob Carrick: What if interest rates never return to 'normal'?
- Scott Barlow: Check-up on the TSX reveals narrow, fragile market
- Luke Kawa: Global bank takes bleak view on Canada, sees 69-cent loonie
The week in ROB Insight (for subscribers)
- Christopher Ragan: A necessary fiscal plan for Greece and Europe
- Ian McGugan: HSBC scandal reveals extent of pressure to attract wealthy investors
- Brian Milner: Brazil looks to austerity as it sinks into an economic quagmire
- Carl Mortished: Russia's Putin call ill afford an energy war with the EU
- Kevin Carmichael: Hype surrounding India PM Modi faces significant test
The week's top news
- Bertrand Marotte: Valeant shares rise sharply on $10.4-billion Salix acquisition
- Brent Jang: Commodity crash reflects global economic slump
- Barrie McKenna and David Parkinson: Poloz says January rate cut was the 'appropriate amount'
- Jeff Lewis: Canada's energy slump to wipe out $23-billion over two years
- Marina Strauss: Retailers reap rewards after Target's failed Canadian expansion
The week's must-reads
- James Bradshaw: Toronto publisher Joe Books finds success in film, TV tie-in deals
- Tamsin McMahon: In many Canadian cities, unsold condos are stacking up
- Barrie McKenna: Alberta online bank first in Canada to shun U.S. clients amid tax rules
- Shane Dingman: Pebble goes back to Kickstarter, raises $1-million in less than an hour
- Richard Blackwell: Canadians aren't ready to cut cords with payphones just yet