Mainstage Session 1: Economic Update: Sal Guatieri, Senior Economist and Director, BMO Capital Markets

Canada’s economy has demonstrated unexpected resilience in 2025, with consumer spending, housing activity, and non-tariff-affected sectors outperforming expectations. Yet, beneath this surface strength lies a complex and evolving landscape. The country faces a delicate balancing act: sustaining growth amid intensifying global trade tensions, domestic economic headwinds, and the persistent challenge of managing inflation without compromising employment. As policymakers grapple with the delayed effects of monetary tightening, rising geopolitical uncertainty, and the looming threat of protectionist measures, the path forward is anything but straightforward. In this opening keynote session, our guest economist will unpack the pivotal developments shaping Canada’s economy in 2025, assess the effectiveness of recent policy interventions, and offer a forward-looking perspective on what lies ahead in 2026. Attendees will gain actionable insights into macroeconomic trends and their implications for credit portfolio strategy—empowering financial leaders to anticipate risk, adapt to volatility, and capitalize on emerging opportunities in Canada’s dynamic credit environment.

Speakers

Sal Guatieri

Sal Guatieri

Senior Economist and Director, BMO Capital Markets

Sal Guatieri is a Senior Economist and Director at BMO Capital Markets, with three decades experience as a macro economist. With BMO since 1994, his main responsibilities include analyzing and forecasting the U.S. economy, Canadian and U.S. housing markets and commercial real estate markets. He is responsible for the Department’s economic forecasts prepared for regulatory and stress testing requirements and oversees analysis of financial services markets. He is a regular commentator in the media. Prior to joining BMO, Sal worked at the Bank of Canada, contributing to its quarterly economic projection and analyzing foreign exchange markets. Sal received his master’s degree in Economics from Queen’s University in 1990.

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