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Inflation, economic growth and markets

June 16, 2022 by Martin Lefebvre

NBI Podcasts

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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.

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Martin Lefebvre

Martin Lefebvre

Vice-President, Chief Investment Officer and Strategist, National Bank Investments

Martin Lefebvre Martin Lefebvre

Mr. Lefebvre has 20 years of experience in the financial markets sector where he held various key positions.

He joined the National Bank in April 2012 as a Strategist before moving on to Private Banking 1859, where he oversaw the portfolio management team. As Chief Investment Officer, he is now responsible for the development of investment solutions for National Bank Investments and the management of tactical asset allocation mandates.

Prior to his years at the bank, Martin Lefebvre worked at Natcan Investment Management as Vice-President, Asset Allocation, where he was responsible for the portfolio management of several multiple-asset class mandates. He also served as Senior Economist and Strategist for the Desjardins Group, and as a U.S. Economist with the Canadian Ministry of Finance.

Mr. Lefebvre holds a Master’s degree in Economics from Université du Québec à Montréal.


Stéfane Marion

Stéfane Marion

Chief Economist and Strategist, National Bank of Canada

Stéfane Marion Stéfane Marion

Stéfane Marion has been the Chief Economist and Strategist for the National Bank of Canada and National Bank Financial since November 2008. Mr. Marion is a sought-after speaker on economic trends and their impact on financial markets, and Brendan Wood International has named him one of Canada's top economists.

The Economics and Strategy group at National Bank Financial is consistently ranked among Canada's top forecasters and is known for the accuracy of its projections. Mr. Marion was appointed to the Monetary Policy Council and the newly formed Business Cycle Council by the C.D.

Howe Institute in 2012. Additionally, he is a member of the National Bank Retirement Committee. Mr. Marion joined National Bank Financial's economics team in 1999. Prior to that, he worked for several years at the Departments of Finance and Industry in Ottawa, where he analyzed the impact of macroeconomic policies and conducted economic forecasts as part of his responsibilities. He has worked on the development of several economic forecasting models as well as the analysis of US-Mexico free trade agreements (FTA, NAFTA).

Mr. Marion graduated from the Université de Montréal with a bachelor's and master's degree in economics.