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Inflation Averaging Arrives - Earnings: RY, NA, BMO, CM, TD, BNS

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The US presidential election is just 63 days away, and after the 2016 upset, faith in the polls is low. Pre-election activities are above normal. The streets are alive with protests and gunfire, yet markets still rise under the political stresses. The thanks for this goes to the US central bank.

The US central bank is leading the way on the policy front. At the annual Jackson Hole symposium for central banks, US Fed Chief Jerome Powell unveiled the new policy on inflation. Central banks are shifting from a 4 decade old stance of trying to slow down inflation to speeding it up.

This is the most meaningful policy shift since the early 1970's when a major component of the Bretton Woods System effectively came to an end. Then President Richard Nixon announced the unilateral cancellation of the direct international convertibility of the US dollar to gold. Wage and price controls were in effect, inflation was out of control. The only way out was to cut the currency connection. The only similarity between then and now is everything is opposite. Commentary this week covers the new inflation averaging approach, referencing the preferred share segment for examples.

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