Why the Royal Bank of Canada CEO Doesn’t See a Recession Looming [Fortune]
Royal Bank Of Canada (RY)
Last royal bank of canada earnings: 2/21 06:00 am
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Source: Fortune
Stock markets may have hit a snag, but don’t worry about a recession quite yet, says the CEO of Canada’s largest bank by market capitalization. “I can’t see it,” said David McKay, CEO of the Royal Bank of Canada in a recent interview ahead of his appearance at Fortune ’s Global Forum in Toronto Monday. In fact, he added, talk of financial doom and gloom could contribute to a selloff and subsequent downturn. “I worry we’ll talk ourselves into a recession. I try not to put a date out there because you might create a problem for yourself.” His comments come at a time when U.S. stock markets have been shaken by rising interest rates. In September, the U.S. Federal Reserve raised the cost of borrowing for the third time this year, while signaling more to come in 2019. The move seems to have spooked investors: Between Wednesday and Thursday, the S&P 500 shed 200 points from its all time high of 2,930 points in mid-September. On Friday, though, the market began to show signs of
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