The U.S. deficit is growing faster than someone who spent too much time at the all-you-can-eat buffet.

I think the biggest risk to Canadian equities (in 2006) is that we see a more aggressive spike higher in the Canadian dollar, which does put pressure on earnings and obviously competitiveness.

It's almost a naive assumption to make.

May delivered another dose of unexpected strength in Canadian job creation.

Monetary policy aimed at either fending off a low-probability occurrence of high core inflation or at curing a debt binge [in Canada] will run a greater risk of choking off consumption growth than in the U.S..

From a sector point of view, there would be very few 'safe' havens on the Canadian equity landscape if this scenario materialized.