Carney Diagnoses Economy with Mild Case of 'Settling-In'
Prime Minister Mark Carney addressed Canada's technical recession on Monday with the soothing cadence of a man explaining to a toddler that the dog has gone to live on a farm. The economy, he said, is in a "settling-in" period, a phrase previously reserved for new puppies, new mortgages, and new tenants who have not yet noticed the mould behind the fridge.
Economists were quick to note that "settling-in" is not, strictly speaking, a term from the macroeconomic literature. It sits somewhere between "transitory" and "character building," both of which have aged like unrefrigerated milk. Carney, a former central banker, is uniquely qualified to rebrand contraction as something you might do on a chesterfield with a cup of tea.
Meanwhile, Ottawa has informed Washington and Mexico City that it would like CUSMA renewed, which is the diplomatic equivalent of texting an ex to confirm the Netflix password still works. The Americans are reportedly reviewing the request between cabinet reshuffles, having just appointed a housing official as acting director of national intelligence, a move that suggests the Trump administration views job descriptions as loose suggestions.
Asked whether Canadians should brace for a longer downturn, Carney offered the kind of measured non-answer that once made him beloved at Davos. The economy, he reiterated, is fine. It is simply unpacking its boxes, locating the kettle, and learning where the recycling goes.