The federal government is probably hoping the general public is more forgiving than Bay Street after tabling a budget with no strategy to balance the books. The fiscal plan, with almost $23 billion in new spending measures, is being labelled a “grab bag” by TD and RBC, with the latter noting there’s “little room for error.” So, particularly after recent recession warnings by David Rosenberg and David Wolf, a basic question to frame our coverage: Was this the right budget for Canada’s economy?

DIGGING INTO THE GRAB BAG

Lots to choose from in the 464-page budget. A few of the elements we’ll focus on today:

-CMHC chipping in to help first-time homebuyers (prompting this instant reaction from Manulife’s France Donald: “All I can think is, hello housing bubble.”)

-New limits on preferential tax treatment of stock options at “large, long-established, mature firms.”

-New measures to support pensioners at companies that file for CCAA and “changes to corporate law that will set higher expectations and better oversight of corporate behaviour.”

-Raising the threshold for triggering the Guaranteed Income Supplement clawback and introducing an advanced life annuity that can be deferred in registered accounts until the age of 85.

IN CONVERSATION WITH NEIL BRUCE

We'll speak with SNC-Lavalin’s CEO today. It'll be our first interview with him since the construction company’s stock was knocked down by a pair of profit warnings, not to mention the political scandal that has engulfed Ottawa. We’ll ask the questions that matter most to investors and anyone who has a stake in SNC’s future in Canada. Don’t miss it on Bloomberg Markets.

UNIFOR-GM TRUCE

After a months-long aggressive PR campaign against General Motors over its plan to shutter the Oshawa assembly plant, Unifor is backing off. "I am much more confident today than I was a month ago that together we will find a resolution," union president Jerry Dias said in a release. Unifor says the two sides will continue talks "to save as many jobs as possible" and has thus "suspended" its protest campaign.

FED DAY

Global stocks and U.S. futures are flat ahead of the U.S. Federal Reserve’s rate decision, forecasts and news conference this afternoon. Last time we saw dot plots from the Fed, it looked like it was on course for two rate increases this year. Since then, we’ve heard plenty of talk about patience from the central bank and a recent Bloomberg survey shows economists expect the Fed will raise its target range for the fed funds rate once this year.

OTHER NOTABLE STORIES

-Tim Hortons unveiled its new loyalty program today, whereby customers will get a freebie after making seven purchases in separate visits to the coffee and doughnut chain.

-Alimentation Couche-Tard fell short of analysts’ third-quarter estimates, even as net profit hit an all-time high. The company is raising its quarterly dividend 25 per cent and plans to buy back up to four per cent of its Class B shares.

-Shares of Bayer are tumbling (down 12.6 per cent in Germany last time I looked) after another legal defeat in a case involving the Roundup product it inherited in the US$63-billion takeover of Monsanto.

-FedEx is down more than six per cent in pre-market trading after the shipping giant slashed its full-year profit outlook and posted third-quarter earnings and revenue that missed estimates.

NOTABLE RELEASES/EVENTS

-Notable earnings: Power Corp., Wheaton Precious Metals

-7:15 a.m. ET: Finance Minister Bill Morneau addresses the Canadian Club of Toronto (plus press conference at 9:00 a.m. ET) and the Economic Club in Ottawa (4:00 p.m. ET plus press conference at 5:15 p.m. ET)

-10:30 a.m. ET: Economical Insurance holds meeting for vote on demutualization

-2:00 p.m. ET: U.S. Federal Reserve releases interest rate decision and forecasts (plus news conference at 2:30 p.m. ET)

-2:50 p.m. ET: U.S. President Donald Trump delivers remarks at Army Tank Plant in Lima, Ohio

-Saskatchewan government delivers provincial budget

-B.C. reference case regarding oil transportation continues before provincial Court of Appeal

Every morning BNN Bloomberg's Managing Editor Noah Zivitz writes a ‘chase note’ to BNN Bloomberg's editorial staff listing the stories and events that will be in the spotlight that day. Have it delivered to your inbox before the trading day begins by heading to www.bnnbloomberg.ca/subscribe.