The Bank of Canada conducted a stress test that imagines what would happen if current oil prices and supply bottlenecks persisted for three years. The result: a recession, a jobless rate of 10 per cent and a 25-per-cent collapse in home prices. (The Logic)

Talking point: The above scenario isn’t a prediction. In fact, the Bank of Canada’s annual Financial Stability Report (FSR) concludes that the country’s financial system remains surprisingly resilient, as worries over U.S. tariffs and a wave of defaults from higher mortgage rates appear to have been for naught. Still, the point of the FSR is to highlight vulnerabilities so policymakers and risk managers can avoid the worst. The stress test on a prolonged oil shock is an example. Whatever gains Canada would reap from crude exports could be wiped out by a financial crisis that rivals the one that caused the Great Recession. Something to keep in the back of your mind.