Market Chatter: MP Steven Guilbeault Could Quit Caucus As Soon As This Week Amid Concerns Over Govt Rollback of Climate Policies

Former environment and climate change minister Steven Guilbeault is considering resigning from the Liberal Party caucus due to his concern over the federal government's rollback of Trudeau-era climate policies and the most recent iteration of the MOU with Alberta aimed at building a new pipeline, four sources in the federal government tell CTV News.

The sources say Guilbeault is considering remaining as an MP, but sitting as an Independent, and likely would not run in the next election.

CTV News has reached out to Guilbeault's office but has not received a response by the time of publication. Sources close to the former minister who spoke to him Monday say he wasn't 100% decided yet.

On his way into a cabinet meeting Tuesday morning, Prime Minister Mark Carney was asked by the Globe and Mail's Marieke Walsh if he expected Guilbeault to resign. He didn't reply.

According to Tuesday's report, Guilbeault is not alone in his concern about climate policy rollbacks. More than a dozen Liberal MPs wrote recently to the prime minister to express worry over changes to methane and clean electricity regulations in Alberta moving the $130 per-tonne effective price on carbon target beyond 2030, as well as any possible public money going toward a new pipeline.

Sources close to Guilbeault say he was disheartened that the MOU and corresponding rollback of the oil and gas emissions cap, and aforementioned regulations meant even Canada's 2050 net-zero was out of reach, according to analysis from the Canadian Climate Institute.

Speculation over Guilbeault's political future ramped up after Carney and Alberta Premier Danielle Smith agreed earlier this month to elements of an energy deal that could see construction of an oil pipeline begin as early as the fall 2027 if specific conditions are met.

Back in November, Guilbeault resigned from Carney's cabinet where he served as Minister of Canadian Identity and Culture -- just hours after Carney and Smith signed the initial memorandum of understanding (MOU) on energy.

(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Dallas Fed May Manufacturing Index Indicates a Return to Expansion

The Dallas Fed's monthly manufacturing index rebounded to a reading of 0.4 in May from minus 2.3 in April, compared with expectations for a smaller increase to a reading of 0.0.The index indicates a return to expansion which is in line with the New York Fed, Kansas City Fed and the S&P global flash measures but in contrast with the Philadelphia Fed index that suggested contraction.For Dallas, there were gains in the readings for employment and prices paid but declines in the readings for production, shipments and new orders.The reading for the company outlook fell to 0.3 from 3.0 in April.

May US Consumer Confidence Falls on Decline in Current Conditions, Expectations Higher

The Conference Board's measure of consumer confidence fell to 93.1 in May from 93.8 in April, still above a reading of 92.0 expected in a survey compiled by Bloomberg as of 7:30 am ET.The present situation reading fell to 121.2 from 124.4, while the expectations reading increased to 74.4 from 73.4.The current assessments of both employment and business conditions deteriorated in April."Consumer confidence edged downward in May as the inflationary impacts of the war in the Middle East intensified," said Dana Peterson, Chief Economist at The Conference Board. "Consumer appraisals of current business conditions and the current labor market were moderately less positive compared to last month. This was somewhat offset by modest improvements in consumers' expectations for business conditions and the labor market six months from now."The monthly consumer confidence index from the Conference Board measures consumer sentiment in the current month, with the headline index a combination of the present situation and expectations for the near future. The report also includes the current and future assessments for business and employment conditions.An increase in the reading suggests consumers are more confident, a positive for stocks if that confidence translates into spending. Increased demand is usually inflationary, a negative for bonds.

Market Chatter: MP Steven Guilbeault Could Quit Caucus As Soon As This Week Amid Concerns Over Govt Rollback of Climate Policies

Related Articles

Dallas Fed May Manufacturing Index Indicates a Return to Expansion

Dallas Fed May Manufacturing Index 0.4 Vs. Expected 0.0, Prior -2.3

May US Consumer Confidence Falls on Decline in Current Conditions, Expectations Higher

Related Articles

International9d ago
Dallas Fed May Manufacturing Index Indicates a Return to Expansion
The Dallas Fed's monthly manufacturing index rebounded to a reading of 0.4 in May from minus 2.3 in April, compared with expectations for a smaller increase to a reading of 0.0.The index indicates a return to expansion which is in line with the New York Fed, Kansas City Fed and the S&P global flash measures but in contrast with the Philadelphia Fed index that suggested contraction.For Dallas, there were gains in the readings for employment and prices paid but declines in the readings for production, shipments and new orders.The reading for the company outlook fell to 0.3 from 3.0 in April.

International9d ago
Dallas Fed May Manufacturing Index 0.4 Vs. Expected 0.0, Prior -2.3

International9d ago
May US Consumer Confidence Falls on Decline in Current Conditions, Expectations Higher
The Conference Board's measure of consumer confidence fell to 93.1 in May from 93.8 in April, still above a reading of 92.0 expected in a survey compiled by Bloomberg as of 7:30 am ET.The present situation reading fell to 121.2 from 124.4, while the expectations reading increased to 74.4 from 73.4.The current assessments of both employment and business conditions deteriorated in April."Consumer confidence edged downward in May as the inflationary impacts of the war in the Middle East intensified," said Dana Peterson, Chief Economist at The Conference Board. "Consumer appraisals of current business conditions and the current labor market were moderately less positive compared to last month. This was somewhat offset by modest improvements in consumers' expectations for business conditions and the labor market six months from now."The monthly consumer confidence index from the Conference Board measures consumer sentiment in the current month, with the headline index a combination of the present situation and expectations for the near future. The report also includes the current and future assessments for business and employment conditions.An increase in the reading suggests consumers are more confident, a positive for stocks if that confidence translates into spending. Increased demand is usually inflationary, a negative for bonds.