---
title: November 6, 2026 - Blue Wave
description: This week, a blue wave takes over the U.S. and sinks Wall Street
image: https://mcmahon.ia.ca/hubfs/iagam/Blog%20Mc%20Mahon/images/og/OG_McMahon_1200x628_EN.jpg
---

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# Macro Playlist

 The economic ideas driving markets.

 Every week, Sébastien Mc Mahon and his team deliver their carefully selected economic analyses and market outlooks.

## November 6, 2026 - Blue Wave

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## Opening Track

The week in review

This week, a blue wave takes over the U.S. and sinks Wall Street

<iframe class="opening-video margin-bottom-36" src="https://www.youtube.com/embed/nK89qw9QsBg?si=kxsyQpQ4dA82tF7y"></iframe>

[Download slides](https://mcmahon.ia.ca/hubfs/Hebdo_20261106_EN.pdf)

<iframe style="border-radius: 12px; margin: 0px auto; display: block;" allow="autoplay; clipboard-write; encrypted-media; fullscreen; picture-in-picture" xml="lang" src="https://open.spotify.com/embed/playlist/4ffEtbOVvGSPEhZyrdL6XT?utm_source=generator&amp;theme=0" width="560" height="352" frameborder="0" allowfullscreen loading="lazy" data-testid="embed-iframe"></iframe>

![](https://mcmahon.ia.ca/hubfs/iagam/Blog%20Mc%20Mahon/icones/vital_signs.svg)

## Top of the Charts

Chart of the Week | The Cost of Growth

The federal government is expected to announce new measures to support small and medium-sized businesses in the November 5 budget.

Supporting small businesses is certainly a good idea. But we should be careful not to inadvertently penalize those that want to grow. We know productivity is a major challenge in Canada. And businesses generally tend to become more productive as they get bigger.  
That is the lens through which we should look at some of the measures designed to support small businesses, including the small business deduction, which provides a preferential corporate tax rate up to a certain income threshold.

The charts below, from the C.D. Howe Institute and the Chaire en fiscalité et en finances publiques, are quite telling: across different periods and different samples, we consistently see an unusually large number of businesses clustering just below the threshold where the tax advantage disappears. And when the threshold moves higher, the clustering moves with it.

Hard to chalk that up to coincidence. For some businesses, the tax system therefore appears to influence the decision to cross that threshold and keep growing.  
That is one reason why the OECD-OCDE (https://lnkd.in/evv8GkFd) has been recommending for years that Canada reconsider the small business deduction and use the additional revenue to lower the general corporate income tax rate.

Supporting small businesses? Absolutely. But ideally, without giving them a reason to stay small.

![SBD COTW 20261106](https://mcmahon.ia.ca/hs-fs/hubfs/SBD%20COTW%2020261106.jpg?width=721&height=591&name=SBD%20COTW%2020261106.jpg)

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## New Releases

Read our latest publications

### Macro & Strategy - November 2026

 Takin’ Care of Business: After decades of cheap money, the bond market is taking back control and restoring financial discipline 

[Read here](https://files.ia.ca/-/media/files/gestion-mondiale-dactifs/content/2026/20261104/2026-11_monthly_macro_strategy_en.pdf)

### AI White Paper #4: « What a wonderful world »

 Financing the AI revolution and finding where the risks land 

[Read here](https://files.ia.ca/-/media/files/gestion-mondiale-dactifs/documents/pdf/2026/20261028/2026-10_ai-financing_en.pdf)

## Soundtrack

This week, Bachman Turner Overdrive joins the Macro Playlist!

<iframe class="sound-track-video" src="https://www.youtube.com/embed/NCIUf8eYPqA?si=JViQC16QHxyHOvLr"></iframe>

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## Featured on Air

Quick access to our latest media appearances

### Canadian dollar pulls back from six-week high ahead of key jobs data

 Reuters - November 3, 2026 

[Consulter](https://www.985fm.ca/audio/813407/vague-democrate-pourquoi-les-marches-boursiers-s-emballent-ils)

<iframe style="border-radius: 12px; margin: 0px auto; display: block;" allow="autoplay; clipboard-write; encrypted-media; fullscreen; picture-in-picture" xml="lang" src="https://open.spotify.com/embed/playlist/4ffEtbOVvGSPEhZyrdL6XT?utm_source=generator&amp;theme=0" width="560" height="352" frameborder="0" allowfullscreen loading="lazy" data-testid="embed-iframe"></iframe>

![](https://mcmahon.ia.ca/hubfs/iagam/Blog%20Mc%20Mahon/images/Sebastien_McMahon.png)

## Sébastien Mc Mahon

Chief Economist, iA Financial Group

![](https://mcmahon.ia.ca/hubfs/iagam/Blog%20Mc%20Mahon/images/Etienne_Bergeron.png)

## Étienne Bergeron

Economist, iA Financial Group

[About the team](https://mcmahon.ia.ca/en/about-us)

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