If economists are writing poetry, it must be the holiday season.

So, with apologies to Major Henry Livingston Jr. (now believed to the author of the poem that was originally attributed to Clement Moore), we present CIBC World Markets’ senior economist, Avery Shenfeld’s, take on the
Christmas classic ‘Twas the Night Before Christmas.

The message of this Christmas missive is that the Bank of Canada is likely to deliver a rate cut to compensate for the growth-killing effects of the strong Canadian dollar.

Twas the night before Christmas
And all through the House
Not an MP was stirring
Nor a new same-sex spouse

Paul Martin was settled, his supporters rewarded
Dreaming of budgets and what could be afforded
While a premier with budgets still deep in the red
Saw visions of health transfers dance in his head

When out there on Bay Street there arose such a clamor
I arose from my bed to see what was the matter
A long lonely call came from up near the moon
And it seemed to be coming from a shiny gold loon

Now Euro, Now Yen
Now Aussie and Swissie
On Kroner, On Krona
And even on Kiwi
To the top of the chart
To the top of the wall
Dash away dash away
Dash away all!!

For more on Saint Dodge and the loon, you can read the rest of Shenfeld’s tale on the CIBC World Market’s web site.