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Western comms asked me to write a short explainer on tomorrow's rate announcement. Here are my thoughts on it. In summary:- In a vacuum, conditions are ok to start stimulating the economy. After the revised growth numbers in Q3 and Q4 2024 and the below-expectations numbers in Q1 2024, it makes sense that we need to start cutting Canadians some slack and put a bit of stimulus in.- Problem is, we are not in a vacuum. The US is still in excess production, and we can't diverge too much from them. The BoC may take a wait and see approach, given they meet again next month.I do believe, personally, they will decrease the rate tomorrow. But I won't be surprised if they choose to do so next month to see if the economic trend here and in the US persists.I'll be on a few media tomorrow speaking about it, and will be quoted on the LFP as well! It will be a busy day.
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Cristián Bravo
Associate Professor and Canada Research Chair in Banking and Insurance Analytics at Western University
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As predicted, the rate came down. https://www.bankofcanada.ca/2024/06/fad-press-release-2024-06-05/ I'll be speaking about this at CHCH at 11.45am, and then at 12.30pm in Fanshawe Radio.
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Rory Taylor
Investment Research & Economics at IMCO
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I think they should cut tomorrow. The US economy has been slowing, and the time is right for Canada. Time to get this show on the road.
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Cristián Bravo
Associate Professor and Canada Research Chair in Banking and Insurance Analytics at Western University
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Excelente experiencia presentar en el grupo de analítica avanzada de Credicorp hoy, a los equipos de data science de la corporación ¡Muchas gracias a Wilder Cruz Liberato por invitarme y a las 160 (!!!) personas que atendieron a la charla!
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Cristián Bravo
Associate Professor and Canada Research Chair in Banking and Insurance Analytics at Western University
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CBC Weekend Business Panel – May 25th, 2024 https://thebal.aiI was at the CBC Weekend Business Panel this weekend, and we were featured on the CBC website! We spoke about Inflation, the new WestJet fare with no carry-on baggage, and DoJ suing Live Nation / Ticketmaster to split them back up.I wrote a post with more detailed thoughts, and with the video itself, if you have 10 minutes. Give it a read / watch in the link!
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Cristián Bravo
Associate Professor and Canada Research Chair in Banking and Insurance Analytics at Western University
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I am super proud of this collaborative efforts with experts (and friends) from the UK, Iceland and Germany on the need for coordination to regulate the use of AI effectively in Banking. Watch the video below where Prof. Raffaella Calabrese explains the challenges that the system is facing.
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Cristián Bravo
Associate Professor and Canada Research Chair in Banking and Insurance Analytics at Western University
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Digitalisation of finance bis.orgInteresting new report on the Digitalization of Finance by the Basel committee. The report tracks closely with the evidence from the projects I work with partners, and the conversations I have had with colleagues at multiple institutions, i.e.- AI adoption is cautious beyond the hype. Here a factor is also costs and change management strategies. As we know from MLOps, AI is far more than a model.- Everybody uses the cloud.- New competitors and alliances will keep the system dynamic as innovation is increasingly driven by new entrants.Give it a read at the link below.
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Cristián Bravo
Associate Professor and Canada Research Chair in Banking and Insurance Analytics at Western University
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After a very hectic week, I can now post about my enlightening experience at the Science Meets Parliament program. I had the opportunity to speak to MPs and Senators about financial inclusion, AI in Finance, and many more general topics, learn about the inner workings of the Canadian government, and have very stimulating discussions with other CRC and Banting scholars. Thank you to the Canadian Science Policy Centre for the organization of this event. It was a challenging and instructive couple of days!#SciParl2024 #PublicPolicy #Canada #Parliament
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Cristián Bravo
Associate Professor and Canada Research Chair in Banking and Insurance Analytics at Western University
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It's been a busy two days at Ottawa! I'll write a more detailed post about the Science Meets Parliament event, my talks with MPs, Senators and with my colleagues during our visit to Parliament Hill.In the meantime, I'll be in this hybrid panel tomorrow at Telfer speaking about Inclusiveness in AI, of course in my case focusing in financial services, tomorrow at 1pm EST! All invited!
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