Moreover, much of the weakness in energy prices has already been reflected in downward revisions to Canadian earnings,
implying less pressure on forward - looking multiples.
According to new research
on the role of the U.S. dollar from Harvard, cited by Fed Vice Chairman Stanley Fischer, the U.S. economy is fairly insulated from foreign inflation / deflation
pressures via exchange rates,
implying that policymakers should be
less worried about global deflation
pressures.