The Spring Economic Update was released after the close yesterday, bringing with it a revised fiscal deficit projection of $67B - down from $78B…

… on the back of higher nominal GDP and oil prices. Another ~$55B of spending was layered in since the initial budget, including a ~$6B package aimed at adding 80-100K Red Seal trades workers over five years…

… in industries that align with Carney’s agenda. Reinforcing that agenda is the new $25B Canada Strong Fund, which looks set to be seeded via borrowing and grown through asset monetization and retail involvement… interesting.

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