Quebec Pension’s Emond Says Inflation ‘Transitory’
Quebec Pension’s Emond Says Inflation Will ‘Remain Transitory’
(Bloomberg) -- Inflation is likely to be temporary and will affect many sectors of the economy, the head of Quebec’s $305 billion pension manager said.
“It’s something that we need to monitor very closely,” Charles Emond, chief executive officer of Caisse de Depot et Placement du Quebec, said Wednesday in a Bloomberg TV interview.
“Our forecast is that it will reach about 2.9% in the U.S.,” he said, adding that inflation is likely to fade next year.
Caisse manages C$390 billion ($305 billion) in pensions of retirees in Quebec, Canada’s second-most populous province, as well as provincial insurance plans. It rode a rising stock market and private equity gains to a 5.6% return in the first half of this year.
Emond, 49, plans to boost investments in private credit and infrastructure, he said in an interview with Bloomberg last month. Those plans include hiring.
Emond, who joined the fund in 2019 from Bank of Nova Scotia, was appointed CEO in January 2020.
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