Episode 16 | Inflation, economic growth and markets

June 16, 2022 with Stéfane Marion

In this episode, we talk with Stéfane Marion, National Bank’s Chief Economist and Strategist, about inflation, economic growth, and markets. The May inflation figures were not what everyone expected, coming in a little higher than expected, owing primarily to higher energy prices. Consult our expert's analysis.

listen via:

Read the transcription

host

Martin Lefebvre

Chief Investment Officer and Strategist, National Bank Investments

Martin Lefebvre

Martin is the Chief Investment Officer of National Bank Investments responsible for the development investment soclutions and the management of tactical asset allocation mandates. With over 20 years of experience in financial markets, Martin also managed the portfolio management team at Private Banking 1859.

guest

Stéfane Marion

Chief Economist and Strategist, National Bank of Canada

Stéfane Marion

Stéfane Marion is Chief Economist and Strategist at National Bank of Canada and National Bank Financial, a role he has held since November 2008. He as consistently ranked among the top three economists in Canada by institutional investors surveyed by Brendan Wood International, earning the number one position in 2025. Under his leadership, the Economics and Strategy Group has earned widespread recognition for the accuracy of its forecasts, including the 2025 award for Best Canadian Dollar Forecaster from Focus Economics.

In 2012, the C.D. Howe Institute appointed Mr. Marion to the Monetary Policy Council and the Business Cycle Council, an arbiter of business cycle dates in Canada. He is also the only private-sector chief economist to serve on Statistics Canada's Macroeconomic Advisory Committee. In 2022, Mr. Marion was invited to become the only Canadian representative as an active member of the Conference of Business Economists, founded in the United States in 1944, whose mission is to help preserve the free enterprise system.

Prior to joining National Bank of Canada, Mr. Marion spent several years with the federal Departments of Finance and Industry in Ottawa, where he contributed to key economic policy development and analysis.

Mr. Marion holds a Bachelor’s degree and a Master’s degree in Economics from the Université de Montréal.

© 2020 – 2022 National Bank Investments Inc. All rights reserved. Any reproduction, in whole or in part, is strictly prohibited without the prior consent of National Bank Investments Inc. Views expressed regarding a particular company, security, industry, market sector, future events (such as market and economic conditions), company or security performance, upcoming product offerings or other projections are the views of only the portfolio managers, as of the time expressed and do not necessarily represent the views of National Bank of Canada and its subsidiaries (the “Bank”). Any such view are subject to change at any time based upon markets and other conditions, which could cause actual results to differ materially from what the portfolio managers presently anticipate(s) or project(s). The Bank disclaims any responsibility to update such views. These views are not a recommendation to buy or sell and may not be relied on as investment advice. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments (the “Funds”). Please read the prospectus of the Funds before investing. The Funds’ securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. The Funds are not guaranteed, their values change frequently and past performance may not be repeated.