No Recession on the Horizon Say BMO and Harris Private Bank Chief Investment Officers

    Join Canadian and U.S. CIOs from BMO Harris Private Banking and Harris
    Private Bank to hear their positive outlook for North American Equity

    TORONTO, Oct. 29 /CNW/ -


    Despite the worsening U.S. housing market, low consumer savings rates, a
    protracted credit crunch and a soaring Canadian dollar, the Chief
    Investment Officers from BMO Financial Group's Canadian and U.S. private
    banks have a positive outlook for North American equity markets and
    economies in 2008.

    Paul Taylor, CIO, BMO Harris Private Banking and Jack Ablin, CIO, Harris
    Private Bank, view the first quarter of 2008 as a key turning point, at
    which time either the U.S. economy will stall more meaningfully or the
    markets will hit a low point in the cycle and growth will rebound from

    The potential for a U.S. consumer-led recession is the biggest risk. Yet,
    the CIOs expect the Fed to orchestrate a soft landing, thereby extending
    positive equity returns well into next year.

    Considerations include: Geopolitical risks in the Middle East and Asia
    that could easily muddy an otherwise promising equity market position, as
    well as the uncertainty surrounding the foreign policy predilections of
    the U.S. presidential hopefuls.

    Nevertheless, Taylor and Ablin are cautiously optimistic, recommending
    that investors make a modest reduction in cash and bonds in their
    portfolios and selectively add greater exposure to non-North American

    For more commentary and analysis on the Canadian and U.S. markets, media
    are invited to join us at BMO's offices at First Canadian Place for an
    interactive media briefing at 11:00 a.m. on Monday, October 29. If you
    can't make it to the briefing in-person, you can join through a
    conference call that will include a Q&A session.


    Host: Graham Parsons, Executive Vice President, Global Private Banking,
    BMO Harris Private Banking

    Paul Taylor, Chief Investment Officer, BMO Harris Private Banking,

    Jack Ablin, Chief Investment Officer, Harris Private Bank, Chicago


    Monday, October 29, 2007
    11:00 a.m. ET


    BMO Harris Private Banking offices
    First Canadian Place, 10th floor


    Call in number: 1-866-299-6657

    The call will be archived at for seven
    days and a print transcript of the conference call will be available upon

    /NOTE TO PHOTO EDITORS: A photo accompanying this release is available on
    the CNW Photo Network and archived at
    Additional archived images are also available on the CNW Photo Archive
    website at Images are free to accredited
    members of the media/

For further information:

For further information: JoAnne Hayes, Toronto,,
(416) 867-3996; Lucie Gosselin, Montreal,, (514)
877-8224; Laurie Grant, Vancouver,, (604) 665-7596; Laura
Hunter, Chicago,, (312) 461-6970; Internet:;

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