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Welcome, everyone.
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Welcome to BMO's discussion, US-Canadian Tariffs: Economic and Market Impacts.
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I'm really thrilled that everyone could join us today.
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As we open up the discussion, the headlines keep rolling.
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There's uncertainty that continues to flow.
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The core themes really around tariffs and the US-Canadian relationship.
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Accordingly, we really wanted to bring some of our experts
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for a really quick 30 minute update in terms of how BMO seeing the impact
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on economic economics as well as markets.
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I'm Camilla Sutton, MD and Head of Equity Research for BMO for the UK
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and Canada, and I am really happy to be moderating today's discussion.
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I'll get started right away by introducing our panelists.
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We have Doug Porter, Chief Economist at BMO, as well as Yung-Yu Ma,
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Chief Investment Officer at BMO Wealth Management US.
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We've got about half an hour dedicated to today's
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discussion, and about half of that is going to be dedicated to audience Q&A,
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So if you do have questions, you can use your online system and submit some Q&A
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for us, and we'll make sure to get to those during the half hour.
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And to start, I thought it would be most useful if we had both Doug and Yung-Yu
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provide two or three minutes high level, how they're seeing the impact of tariffs
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on economics as well as on markets.
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And with Doug, why don't we turn it to you so you can kick us off?
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Sure thing, Camilla.
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Thank you very much, and good afternoon, Hello, everyone.
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Well, from an economic lens, I'll say that there's some debate on just
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how big the impact is from a trade war on both growth and inflation and on
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which of the two is the dominant effect.
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But there is no debate on the direction.
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Terrorists and Trade Wars, weaking growth, and they lift inflation,
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which is not a good combination for the economy or for financial markets.
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In terms of which is dominant, my view is that weak growth will be the more
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important or the bigger force of the two.
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The market now seems to be seeing that as well.
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Ultimately, I believe that is what central banks will react to.
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I think it's very telling that the bond market has been
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reacting that way as well in recent weeks, for instance, US Treasury Yields are now
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down from pre-election levels and off 50 basis points from the high that was
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hit less than two months ago.
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If anything, we've seen an even bigger impact in Canadian yields where
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the growth hit will to be even heavier.
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Their 10s are now well below 3% off 40 basis points since the very first
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warning shot on potential 25% tariffs were fired way back in late November.
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We're now awaiting any news this afternoon if Canada and Mexico are going
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to be exempted in certain industries from the full tariff hit.
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But I'll say that any remaining tariff will still weigh on growth and leave us
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with lingering uncertainty.
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Plus, there's the potential for renewed action that's hardly is going to
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go away, which will cloud the outlook and keep a dampener on business investment,
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whatever news we hear later today.
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The bottom line in terms of what it means for the economy, and there are still many
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moving parts and unknowns, is that the net impact is that growth will
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be lower, especially in Canada, and inflation will be somewhat higher,
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probably a bit more in the US, with the precise impact,
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depending on where we land on tariffs and how long they last.
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But just to put some numbers around it, very roughly speaking,
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and assuming that tariffs last for a year, we're looking at a cut in US GDP growth
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of between a quarter to a half a % this year and next,
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and a bump in US inflation also of about a quarter to a half a point in both years.
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In Canada, as I said, the growth impact of these tariffs would be much heavier.
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We've cut our growth outlook for Canada both this year and next
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by roughly one and a half points.
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We were looking at something close to 2% growth in Canada before this,
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and so now we're looking at something between zero to a half a % growth
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for both this year in Canada.
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We're also looking for roughly a half point lift to inflation this year,
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which we think in the case of Canada, will wear off by next year because of
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that much weaker growth outlook.
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And the net result of this economic outlook is that we think
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central bank rates will on that be lower, especially in Canada.
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And there is also still some further downside to the Canadian dollar as long
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as the trade work persists.
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I'll just end by saying it's very interesting how relaxed
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the Canadian dollar has been in the in the past few days.
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And I think some of that is because we had had the clear risk of a full on trade war
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already built into the currency.
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And I think there's also this view in the markets that it may well not
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last long and it won't last a year.
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If it does indeed persist, we think the Canadian dollar ultimately going lower.
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We think it's likely to push up towards about $1.50 per US dollar
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if this trade war does persist.
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And that's it for my big overview.
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Thank you.
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That was a great way to start, Doug. Thank you for that.
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Yung-yu, what about you?
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Do you want to give us two, three minutes in terms of how you're thinking
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about the impact on markets?
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Yeah, absolutely. Thanks, Camilla.
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Yeah, I think the markets are in for a continued rough patch here, and
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it's important to put this in context.
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It's not only the Trade War that's going on now, it's where
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we are in the Trade War. It's still relatively early stages.
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Doug alluded to that, but also President Trump is talking about tariffs
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coming April second as well on various industries, probably the EU as well.
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We're not even halfway through this.
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I think that's the important thing to keep in context for where the markets are.
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That's one part of the context.
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The other part of the context is there's also other disruptions
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going on at the same time.
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In the US, the DOGE disruptions are very real and very acute.
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They're going to be spending pullbacks.
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There's going to be fiscal restraint going on as well as layoffs happening.
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You see these disruptions, both Tariffs and DOGE happening at the same time.
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You're already getting weak data coming out of survey measures,
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coming out of the labor market.
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We had another weak data point this morning in the US as well.
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In that context, there's certainly the prospect that you can build
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some degree of down momentum both in the economy and in the financial markets.
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I think there are two good things when we look further out that we can talk about.
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One is that the Fed probably will look through some of the inflationary effects
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as relatively short-lived, and at some point later in the year, be willing
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to resume that rate cutting campaign.
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But another thing is, later in the year, we also have the prospect of tax cuts.
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But in the meantime, we have this timing mismatch.
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The disruptions and the difficulties are coming here and I don't think that
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the President, the administration, can keep this trade work going strongly
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for a long period of time.
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I think actually the currency market is telling us that.
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For a while, it was believed that if the US accelerated this trade
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war, that the US dollar would strengthen, other currencies would weaken.
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What you're actually seeing, at least in some currencies, is the opposite.
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You're seeing the Yen strengthen, you're seeing the Euro strengthen.
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Even the Canadian dollar, it's holding its own.
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As Doug mentioned, I think market is telling us is the US is not
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in that robust of a position.
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We're going to start to see pushback very soon from other Republican lawmakers
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who are more free trade oriented.
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We're going to start seeing layoffs in the not distant future if
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these 25% tariffs stay on, even if they roll back to a degree, we're still
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going to see very meaningful disruption.
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We don't think this can last for long, but even so, put in the context of larger
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disruptions and softer data coming out of the economy in the US,
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we do think that means markets are in for a bumpy ride because we have this
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timing mismatched to good things potentially that are happening or
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that should happen in the economy and markets aren't going
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to be for a few months still.
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It's more of a time for patience and time to look for longer term opportunities
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and understand that this could be a very volatile period here.
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Doug, let's go back to you here.
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When you think about the consumer and you think about businesses and you think about
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the level of uncertainty that we've seen in just the last month and a half,
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how do they manage through that and what are the economic impacts of living in a
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time in elevated uncertainty like this?
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Yeah, and it's first of all, it's hard to undertake just the degree
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of uncertainty that consumers and businesses are dealing with.
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And we have seen a pretty notable pullback in consumer confidence
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on both sides of the border, I would point out in February,
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even before the Trade War began.
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We had seen a pretty big decline in both Canadian and US consumer confidence.
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I don't doubt for a moment that it's probably grown a little bit
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more intense with the reality of the trade war now upon us in March.
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I would expect that's going to be one of the first areas that you do see
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some real weakness in the economy showing up is in consumer spending.
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A lot of folks, of course, have been focused on what if this means
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for exports, for business investment.
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But I also think the weight that we're likely to see on consumer confidence will
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be fairly immediate as well, especially when it comes to big ticket spending such
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as things like autos and homes.
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We have a little bit of a taste of that in recent home sales data.
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In Canada, we did see a bit of a stall out or freezing up in the market in
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the first couple of months of the year. And it's understandable.
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When there's so much uncertainty, do folks really want to go and embark on one
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of the biggest purchases of their life? Probably not.
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And so I think it will put...
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The uncertainty alone, I think, will put a bit of a chill on the growth.
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In terms of from your side, typically, how do you see investor sentiment
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moving when we're living in these times of uncertainty?
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When you think about investors, what is their sentiment right now
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and what are you thinking in terms of how they should be thinking
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about different asset classes, both today, but also for the longer term?
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Yeah, that's a great question.
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Investor sentiment had been falling for a few weeks in a row.
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There are different survey measures of investor sentiment There's even
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some talk about how sentiment perhaps is so far washed out that
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it might be time for a bounce. We don't actually think that.
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In the short term, we do see some of those sentiment surveys
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becoming quite negative.
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But in terms In terms of actually creating a durable bottom in markets, you
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tend to have repeat bottoms and multiple grinding lower before you can actually
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get a durable sentiment bottom.
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We don't think that that's worth trying to trade around, but we do see
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the challenges with investor sentiment.
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Certainly consumer sentiment in terms of pulling back on purchases
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is likely to take place here.
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The trade war, when you see rising prices, when you see concerns
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about the labor market, potential for layoffs, that's all going to start
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to reverberate through the economy.
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The question, I think, is how sensitive is President Trump going to be to these,
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both to the stock market, but also to the changes in the economy?
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It does seem like he is willing to take some degree of pain
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in the markets and the economy.
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The question is, at what point does he really try to accelerate some type
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of deal-making activity and come to agreements with the US, Canada,
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and other trading partners, rather than hold out for what he really
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may really want to push and really want to achieve that might entail much greater
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disruption and maybe not even be achievable.
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So I think that's an open question that the markets are trying
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to understand now is what exactly is that sensitivity of the President.
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And so far, the indications, I would say, are not positive in terms of last night,
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the President's speech talking about bracing for a period of disruption
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or something that may cause some temporary challenges for the economy.
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We just have to see how that plays out.
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But as these disruptions become more acute, certainly
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there's a greater prospect of the present starting to shift his positioning.
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Doug, Dollar Canada or the Canadian dollar.
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I know you said that it's held in fairly well, given the circumstances around it.
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But when you think about the Canadian dollar and the weakness,
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how much is a weaker Canadian dollar an offset for the economic impact
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and vice versa for the US?
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If we have a stronger US dollar, how does that really impact the US in these times?
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And to some extent, the currency market is actually acting as a buffer
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or an offset to the threat and the actuality of tariffs.
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I would say that if we were talking about a 10 % tariff, and early on,
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that was one of the rumors that the administration was planning a 10 %
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universal tariff, I would say the currency market probably could have done
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a lot of work in offsetting that.
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We'd actually seen the trade weighted US dollar rise by
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about 8 % over the past year.
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We've seen the Canadian dollar come down, depending on which time frame
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you pick, by about 5 to 7 %.
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That would have gone a long way to, frankly, mitigating or washing
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the hands of a 10 % tariff.
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A 25 % tariff is a very different world, though.
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The currency can only slightly offset that.
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I don't believe that the Canadian dollar could nearly make a big enough move
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or would nearly make a big enough move to to offset the growth
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dampening impact of a 25% tariff.
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But if ultimately we do land on broad-based tariff, and that could
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be where we do go, I actually personally think the currency market could do a lot
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of the work offsetting that.
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But as Yung-Yu has pointed out, the currency market's got its own ideas now.
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We're actually starting to see it move in the opposite direction in the last couple
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of days as there have been some renewed concerns over the US growth environment.
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That, too, is being, of course, reflected in the treasury market.
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I just wonder how sustainable this move that we've seen in the US dollar
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over the past year actually will be.
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Back to Marcus for a second.
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If you're looking out a year, a year and a half, how are you advising clients
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to position given the tariffs and the uncertainty right now?
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Yeah, I think that's a relevant time frame to consider, at least consider
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what does the year-end picture look like.
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We do see that elements can come together for stability, for this disruption
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to pass or at least be substantially mitigated, and businesses to be able
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to adjust to these difficulties that are upon us now.
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We do think some of the fundamentals that underpin the economy, including
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productivity, including the proliferation of AI and sustained profitability
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by companies, continue to look favorable.
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The problem is these near-term Disruptions are very acute and will dominate
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the headlines and dominate investors' psyche for quite some time
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still before some of those favorable factors, potentially including or likely
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including Fed rate cuts later in the year, start to come into play.
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We do think that that's probably the point at which sentiment turns is when the Fed
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is likely to start cutting rates again, or at least when that's back
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on the horizon, when those disruptions settle and when the Fed starts looking
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past near term inflation and looking to rates to offset some of the weakness
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in the labor market, but that's not going to be for at least a few months still.
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In the near term, you really have to be patient.
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That's part of what's happening and what's playing out.
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Panic selling is almost never the way to go.
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And so we don't advise selling into a downturn.
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The only time that that's even a potentially sensible move is if there's
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a systemic problem in the economy.
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We don't believe there's a systemic problem These issues that we face now
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are very acute in the moment, but they will pass, and some of the
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underlying fundamentals still look good.
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So looking for opportunities, but being patient,
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being very patient with those opportunities, not looking to jump at what
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you might believe is the first opportunity that rises, not just looking for good
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opportunities, but perhaps holding out for very good or even great opportunities
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before deploying new capital because those may come along in the coming months.
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Terrific.
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Well, we're turning We're going to have an audience Q&A.
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We have quite a lot of questions that have already come in, but if those
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in the audience do have more questions, please don't hesitate to put them in.
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Doug, we've got a few for you.
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One is, is there a potential economic bull case or a positive case for
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the US economy with tariffs being added?
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I tend to think not, to be honest.
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I will freely admit that this is an asymmetric electric trade war.
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Definitely the largest trading partners of the US are much more vulnerable here
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to a growth downturn.
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For instance, Canada, Mexico, in particular.
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China, it's a little less clear-cut.
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The US will definitely not be hurt is nearly as much.
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Just to put some quick numbers around it, Canadian exports to the US make up a
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little bit less than 20% of Canadian GDP.
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Us exports to Canada make up only a little bit more than 1% of US GDP,
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and it's roughly similar calculations between Mexico and the US as well.
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So it's very much one-sided.
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It's clear who's got the leverage here.
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But having said that, there's really not much of an upside for the US from a trade
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war in terms of the growth impact.
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We have seen some announcements of planned investments, a Honda plant,
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some of the chip investments.
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I don't think that offsets or comes close to offsetting some
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of the dampening impact that we're going to see from a trade war,
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whether that's the increased cost of intermediate goods to US producers or
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even the retaliatory measures that we're looking at from each of Canada, Mexico,
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and China, all of those things, along with the rise in the US dollar,
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by the way, over the past year, all those things will tend to dampen US growth.
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There's quite a few questions to you in terms of the retaliatory tariffs.
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Can you speak a little bit to that, Doug?
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And then, Young Yew, we'll move to you with some more markets questions.
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Yeah, and I think this is actually one area that's been a little bit understated,
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just how important the retaliation that, for instance, Canada has spoken,
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but we haven't heard the details of what exactly Mexico is going to do.
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But I suspect it'll be a roughly similar ilk.
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And just as a quick reminder, what Canada has talked about doing
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is eventually putting a 25 % tariff on roughly a third of what Canada imports
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from the US, which is about $155 billion worth Canadian dollar terms.
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It's interesting in a static analysis, that would raise almost $40 billion
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of revenues, which I would assume the government is planning to reimburse
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across industries and workers.
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But that's more than one percentage in terms of tariff revenue.
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This is a very important, large step that
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the government is potentially taking.
[00:19:54.25]
It wouldn't have an oak-sized impact on US economy, but it's not nothing.
[00:19:59.24]
And there are certain sectors that it would create pain, I believe, in certain
[00:20:06.29]
regions, certain industries in the US.
[00:20:10.01]
That's probably the biggest retaliation that I am aware of or the biggest
[00:20:15.00]
The straight move that the Canadian government has ever made.
[00:20:18.00]
Again, that's only a third of what Canada imports from the US.
[00:20:24.25]
There's quite a few questions here around how the market is interpreting
[00:20:28.19]
this and whether or they fully priced the risk of tariffs into markets.
[00:20:34.12]
So maybe a few thoughts from you in terms of how much do you think the markets
[00:20:37.22]
are reflecting the full tariffs, partial tariffs, just ongoing uncertainty?
[00:20:44.01]
Yeah, that is a difficult question to assess because how long this stays
[00:20:49.10]
in effect, what levels of tariffs are at is very uncertain at this point.
[00:20:53.14]
I think that's what the market is grasping to try to figure out.
[00:20:56.13]
Even when we get announcements which play into what President Trump is looking for,
[00:21:02.14]
at least one thing he's looking for, which is announced factories being built
[00:21:07.06]
in the US, whether it's by Honda, Taiwan Semiconductor, or Apple announcing
[00:21:13.07]
building a manufacturing in the US.
[00:21:15.19]
The challenge with that is the President really wants
[00:21:20.02]
to tout that, wants to push that.
[00:21:21.26]
But I think the reality of the US economy is that can only go so far.
[00:21:25.05]
You just can't get labor to fill the type of demand
[00:21:29.06]
that the President would hope to even get from enacting a trade war like this.
[00:21:34.17]
It's difficult to know at what point there's a level of satisfaction among
[00:21:39.28]
the administration that enough of the goals have been achieved through
[00:21:43.12]
tariffs and that there's some tariff level which is stable and sustainable
[00:21:48.05]
that the administration is willing to settle on and let businesses adjust
[00:21:52.12]
to whether that's 10% or whether that's some form of reciprocal terrorist,
[00:21:56.20]
how that works.
[00:21:57.26]
I think that's what the market is grasping.
[00:21:59.18]
Right now, if you take the trade war and assume more negative outcomes,
[00:22:05.07]
I don't think the market is pricing that in right now.
[00:22:07.14]
I think the market is pricing in a relatively quick deal
[00:22:12.07]
with Canada and Mexico, meaning within the next few weeks that
[00:22:15.28]
if tariffs don't come all the way off, they at least come down to, say, 10%.
[00:22:19.06]
I would say that's about what the market's pricing in now,
[00:22:23.00]
10% terrorist a few weeks from now.
[00:22:25.23]
If it's worse than that, if the situation stays at higher for longer, then
[00:22:31.25]
I think that's a much more difficult path that the markets could be faced with.
[00:22:37.06]
But conversely, if there's good news which could come out in the next few days,
[00:22:41.05]
it's very difficult to know, then perhaps you could get a bounce off of that.
[00:22:44.22]
But I wouldn't look to that bounce as a time to jump into the markets because
[00:22:49.05]
at least in the US, we still have the prospect of terrorist being put on other
[00:22:53.20]
countries and other industries in April.
[00:22:55.25]
So again, this isn't nearly finished, even if we get short term Steve.
[00:23:02.06]
Doug, there's lots of questions in here about USMCA, what negotiations
[00:23:07.10]
look like going forward, does it even matter going forward?
[00:23:10.25]
Any thoughts in terms of how we see USMCA or also
[00:23:15.12]
known as NAFTA, unfolding from here?
[00:23:18.18]
Well, of course, one of the favorite theories out there,
[00:23:21.20]
not necessarily shared by me, but one of the favorite theories is
[00:23:24.24]
that this is all just an opening shot or an opening gambit ahead of the mandated
[00:23:30.05]
review of the USMCA as of basically the middle of next year.
[00:23:36.25]
Frankly, given what we've seen in the last month or so, I think it
[00:23:41.12]
would be very difficult for Canada and Mexico to sign on to anything.
[00:23:46.10]
I know there's a bit of a split opinion on that front.
[00:23:49.26]
Some have argued this shows this is exactly why we need to immediately
[00:23:55.00]
engage in negotiations and sign a new deal, whereas others have said,
[00:24:00.01]
Why even go there if this administration can so readily walk away from a deal that
[00:24:07.16]
itself signed in 2020?
[00:24:10.02]
I personally tend to come down on that side of the ledger.
[00:24:14.06]
I'm really not sure why Canada and Mexico
[00:24:17.05]
would be making concessions and trying to
[00:24:21.13]
reach a deal that then could be ignored or ripped up a year from now.
[00:24:28.06]
So I think this is a very unfortunate development.
[00:24:31.01]
That's not to say we should completely shut off channels
[00:24:35.06]
on that front and completely say no to further negotiations.
[00:24:40.29]
But I would just go into it with both eyes wide open under the full realization
[00:24:46.02]
that the negotiate, or whatever the result is might not last.
[00:24:54.26]
Several questions about a recession, even frankly, one about a depression.
[00:25:00.18]
Thoughts, first Doug and then Yung-Yu, in terms of, is there a risk
[00:25:04.14]
that we fall into a deep recession, either in Canada or the US?
[00:25:10.14]
So I really am reluctant to throw around the R-word ever unless it's very clear
[00:25:15.17]
that that's what we're heading into.
[00:25:16.20]
I do believe that if we were looking at the tariffs that are in place as of now,
[00:25:23.05]
if they were to persist for a year, that it would be very difficult
[00:25:27.12]
for the Canadian economy to avoid at least a technical recession.
[00:25:30.18]
That's essentially what we are assuming that we would have
[00:25:33.26]
at least two quarters of negative GDP.
[00:25:37.28]
Again, as we've pointed out a few times, it's not at all clear that
[00:25:42.25]
these tariffs are going to last a year.
[00:25:44.07]
They might not last the day, we'll see.
[00:25:48.25]
But for the US, I think you're hearing talk about stagflation
[00:25:53.04]
and potential recession.
[00:25:54.12]
I think it's really early to be talking about that.
[00:25:56.13]
First of all, I do want to address the Atlanta Fed Nowcast,
[00:26:01.14]
where it's calling for a big decline in Q1 GDP, that is not a complete report.
[00:26:06.11]
That's taken on board a surge in imports in the early part of the year
[00:26:10.12]
without the offsetting impact of a big run up in inventory.
[00:26:13.23]
I think that's a bit of a false signal.
[00:26:15.22]
But there's no question that growth really did slow
[00:26:17.24]
in the US at the start of the year.
[00:26:19.13]
I think it would be a stretch to say that we're headed
[00:26:21.28]
for a recession in the US just yet.
[00:26:25.17]
Even if we are in a trade war, it would weaken US growth.
[00:26:29.01]
But I don't think we're in the league of a recession yet in the US.
[00:26:37.04]
There's a lot of questions. Oh, go ahead.
[00:26:39.24]
I was just going to say I would agree with that and that the degree
[00:26:43.23]
of imbalances in the US economy are not so pronounced that you would
[00:26:48.24]
expect a recession to easily unfold.
[00:26:51.18]
So you don't have high leverage in the consumer sector, you don't have
[00:26:54.10]
high leverage in the corporate sector.
[00:26:57.18]
Recessions, of course, can come from shocks, and that's what we
[00:27:00.01]
have right now, the question is then the degree of shocks and the persistence
[00:27:04.25]
and longevity of those shocks.
[00:27:06.25]
I do think that President Trump and the administration and other leaders
[00:27:13.05]
would see that those shocks, when they become too acute,
[00:27:17.23]
would start to walk back the tariffs and be much more inclined to make deals.
[00:27:21.26]
So could it happen?
[00:27:23.19]
Could we get a downturn?
[00:27:25.04]
Yes, we could get some momentum building to the downside, but the fortunate aspect
[00:27:30.07]
The two force aspects are one, we don't have those imbalances, and the other side
[00:27:34.02]
of it is the Fed at some point should be cutting rates again.
[00:27:37.14]
If there is something that looks like recession,
[00:27:39.29]
it probably wouldn't last too long.
[00:27:43.29]
You're both very balanced in your comments, and so there's quite
[00:27:47.12]
a few questions in here about safest investments and protecting
[00:27:51.11]
your capital, other pieces like that.
[00:27:53.28]
Young, do you want to just give us a very high-level view in terms of
[00:27:56.25]
asset allocation in times of uncertainty?
[00:28:01.07]
Yeah, I think staying relatively balanced here still makes sense.
[00:28:05.07]
Of course, having some cash on the sidelines is always nice.
[00:28:08.05]
Being at least neutral or somewhat long-ish duration for fixed income
[00:28:13.19]
provides some safety in portfolios.
[00:28:16.20]
We have seen those growth concerns lead to a decline in the 10-year treasury
[00:28:21.02]
yield, as Doug alluded to before.
[00:28:23.17]
When you think about inflation and growth, the inflation is relatively temporary
[00:28:27.28]
or at least not long lasting, but the growth concerns could be longer lasting.
[00:28:32.04]
To the extent that these tariffs are in effect for longer, you probably
[00:28:36.20]
would get some buffer in the portfolio from having longer duration fixed income.
[00:28:40.26]
That does provide an element of stability in portfolios.
[00:28:43.28]
But again, looking for opportunities.
[00:28:45.23]
We don't want to completely be closed off here.
[00:28:47.25]
The idea that as this unfolds, there can be good opportunities that come along.
[00:28:52.07]
But where to look for safety?
[00:28:54.08]
Yeah, longer duration fixed income is probably the most relevant area
[00:29:00.04]
right now where you're going to get that safety in portfolios.
[00:29:07.26]
The overarching message seems it's no time for panic.
[00:29:11.06]
There's a lot of pieces unfolding, and we still have to wait to see
[00:29:14.13]
an awful lot of what will transpire for both the Canadian and US economic
[00:29:18.06]
and market landscapes from here.
[00:29:20.12]
Half an hour goes awfully quickly.
[00:29:22.20]
But Doug and Yung-Yu, I do want to thank you
[00:29:24.26]
for sharing your thoughts with us today. They're very helpful.
[00:29:26.28]
To our audience, I'm really pleased you could join us Thank you.
[00:29:30.29]
There will be a video replay, a podcast, and an article following this,
[00:29:34.16]
which you can find on our BMO websites.
[00:29:37.13]
In closing, I also wanted to highlight that tomorrow, BMO will be hosting
[00:29:41.25]
an additional event at 11: 00 AM Eastern with our experts providing guidance
[00:29:45.24]
on managing currency risk and international exposures.
[00:29:49.01]
So you can reach out to your BMO relationship manager
[00:29:51.05]
if you need more details on that.
[00:29:53.02]
And with that, thank you, Doug.
[00:29:54.13]
Thank you, Yung-Yu, and thank all of you for joining us today.
[00:29:56.05]
We hope it was helpful.
[00:29:57.07]
Thank you.
