Canada has $300-billion cash buffer to soften blow of coming recession, says RBC's CEO

RBC CEO Dave McKay says Canada is headed for a slowdown as higher interest rates designed to curb inflation slow consumer spending. Read on

, where activity is down almost 40 per cent and prices have fallen roughly 15 per cent, McKay said.

However, McKay said unprecedented amounts of liquidity still held by consumers and corporations should prove a big buffer to any downturn. “300-plus billion dollars of cash, sitting on balance sheets to absorb the shocks from higher rates, to absorb the shocks from any job loss that we do expect to see and therefore supportive of quick recovery.”

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Canada has $300-billion cash buffer to soften blow of coming recession, says RBC's CEORBC CEO Dave McKay says Canada is headed for a slowdown as higher interest rates designed to curb inflation slow consumer spending. Read on
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Canada has $300-billion cash buffer to soften blow of coming recession, says RBC's CEORBC CEO Dave McKay says Canada is headed for a slowdown as higher interest rates designed to curb inflation slow consumer spending. Read on
Read more »

Canada has $300-billion cash buffer to soften blow of coming recession, says RBC's CEORBC CEO Dave McKay says Canada is headed for a slowdown as higher interest rates designed to curb inflation slow consumer spending. Read on
Read more »

Canada has $300-billion cash buffer to soften blow of coming recession, says RBC's CEORBC CEO Dave McKay says Canada is headed for a slowdown as higher interest rates designed to curb inflation slow consumer spending. Read on
Read more »

Canada has $300-billion cash buffer to soften blow of coming recession, says RBC's CEORBC CEO Dave McKay says Canada is headed for a slowdown as higher interest rates designed to curb inflation slow consumer spending. Read on
Read more »

Canada has $300-billion cash buffer to soften blow of coming recession, says RBC's CEORBC CEO Dave McKay says Canada is headed for a slowdown as higher interest rates designed to curb inflation slow consumer spending. Read on
Read more »