SHERRY S. COOPER, Ph.D.
416-359-4112 (office)
sherry.cooper@bmo.com

Executive Vice President, Global Economic Strategist,
BMO Financial Group
Chief Economist, BMO Capital Markets

Dr. Cooper is Chief Economist of BMO Capital Markets, a role that has been broadened to include the combined responsibilities for economic forecasting and analysis, as well as country- and industry-risk assessment for the bank's Risk Management Committee and for the Risk Review Committee of the Board of Directors. Dr. Cooper presents her economic analysis to the Bank of Canada, as well as consults with federal and provincial government officials regarding budgets and policy.

Dr. Cooper maintains a highly visible presence in the major business communities and North American print and broadcast media. She is a media spokesperson for the bank on economic and financial issues, and travels extensively throughout Canada, the U.S., Europe and Asia giving more than 100 speeches and presentations each year. She provides expert testimony to government bodies at the federal and provincial levels and is well known for her multi-media slideshows and her dynamic presentation style. She also writes and oversees numerous daily, weekly and monthly publications.

Dr. Cooper makes regular appearances on CNBC, Bloomberg TV, Bloomberg Radio and Bloomberg News. She is often quoted in the print media including all the Canadian newspapers, as well as the Wall Street Journal, the New York Times, Business Week and Investors Business Daily. An author, Dr. Cooper has written three best selling books, The Cooper Files, published in 1999; Ride the Wave, published in 2001. Her third book, released in January 2008, is The New Retirement: How It Will Change Our Future.

EXECUTIVE VICE PRESIDENT, GLOBAL ECONOMIC STRATEGIST, BMO Financial Group
CHIEF ECONOMIST, BMO Nesbitt Burns and BMO Capital Markets (Since 1994)

Dr. Sherry Cooper directed a top-ranking economics team of 16 professionals who provided analyses and forecasts of the global economy and financial markets for the trading operations of the BMO Financial Group and its retail, institutional, corporate and government clients.

Previous Business Experience

CHIEF ECONOMIST AND DIRECTOR (1983 to 1994)
VICE CHAIR (1994)
Burns Fry Limited, Toronto, Canada

Dr. Cooper led a group of 12 professionals who analyzed and forecasted Canadian and U.S. economic and financial developments in a global context for institutional and corporate clients and trading operations. She was a consultant to corporate boards and foreign central banks, and regularly testified before federal and provincial government bodies.

Dr. Cooper also provided forecasts for Security Pacific National Bank and Bank of America (shareholders in Burns Fry) and their trading operations, published several well-known economics reports and made more than 200 speeches and presentations worldwide each year. She appeared regularly on television news programs and was frequently quoted on radio and in Canadian and U.S. business press.

In a parallel role, Dr. Cooper headed the development of fixed income research and systems capabilities for Burns Fry's bond and money market operations globally.

CO-HEAD GLOBAL FIXED INCOME (1989 to 1993)
Burns Fry Limited, Toronto, Canada

In addition to her responsibilities as Chief Economist, Dr. Cooper led all fixed income sales and research operations worldwide. Operations reporting to Sherry included the capital markets groups in London, New York, Toronto, Montreal, Vancouver and Tokyo.

DIRECTOR OF FINANCIAL ECONOMICS (1982 to 1983)
Federal National Mortgage Association, Washington, D.C.

During her year with FNMA, Dr. Cooper monitored and projected U.S. financial market developments, Federal Reserve and Treasury operations, Federal budget activities, and the monetary and credit aggregates. She prepared interest rate forecasts for the Asset and Liability Committee and analyzed developments in housing and capital markets.

ECONOMIST (1977 to 1982)
Board of Governors of the Federal Reserve System, Washington, D.C.

Dr. Cooper served more than five years at the Federal Reserve Board during which time she did extensive research in monetary policy and financial institution analysis and regulatory policy regarding the savings and loan associations and the banking system. She presented her analysis of money and capital markets to the Board of Governors at regular weekly briefings.

During the credit control period of 1980, Dr. Cooper served as Special Assistant to Chairman Paul Volcker, a business relationship she maintains today. Mr. Volcker endorsed her second book, Ride the Wave.

Education

Ph.D., University of Pittsburgh, 1978

M.A., University of Pittsburgh, 1976

B.A., Goucher College (Baltimore, Md.), 1972

Bond Analysis and Portfolio Management Certificate, University of Illinois, 1989

Honours

Dr. Cooper has been consistently ranked among the top Canadian economists in GDP and interest rate forecasting by an independent U.S. surveyor of Canadian institutional accounts. In 2002, BMO Nesbitt Burns Economics was ranked the number one economics team on Bay Street. Her other professional awards include second place for the Irving Fisher Dissertation Prize of the American Economic Association in 1980, and the Merit Award of the Board of Governors of the Federal Reserve System in 1978.

She has received numerous academic honours and scholarships, including the Provost's Graduate Scholarship (1974), the Mellon Fellowship (1974), and Teaching Assistantships (1972-1974) at the University of Pittsburgh where she maintained a 4.0 (out of 4.0) GPA. Other academic citations included election to the Phi Beta Kappa National Honour Society, Magna Cum Laude, and the Eleanor Voss Prize at Goucher College in 1972 for graduating first in her class.

Awards

U.S. Banker Magazine, 25 Women to Watch, annual ranking of the 25 Most Powerful Women in Banking (October 2006).

Women's Executive Network Top 100, Canada (Since its inception in 2004).

Top 100 Women Hall of Fame (2007).

Bloomberg News Award for the Top GDP Forecaster (2002).

National Post's 3rd Most Influential Woman in Canada (2002).

Top 50 Power Women, National Post, 2001-2003.

Most Highly Quoted Economist in Canada (1994-2002), Cormex Research counting broadcast and print media hits.

John Molson School of Business, Concordia University (Montreal, Quebec) - Award of Distinction (2001) in recognition of her outstanding contribution to the world of business and to the community.

Publications

The New Retirement: How It Will Change Our Future (Toronto: Penguin Publishers, January 2008).

Ride The Wave - Taking Control in the Acceleration Age (Toronto: Financial Times Prentice Hall, 2002).

The Cooper Files (Toronto: Key Porter Publishing, 1999).

National Post, bi-weekly column (1999‑2005).

Introduction to International Trade and Finance, with Dr. Norman C. Miller (Pittsburgh, University of Pittsburgh Press, 1974).

Dr. Cooper has authored many articles in academic economics journals, including the Journal of Money, Credit and Banking, Southern Economic Journal, The American Economist and the Federal Reserve Bulletin, as well as extensive BMO Financial Group publications.

Community Activities

Ontario Advisory Council for Investment and Trade, Provincial Appointee to the newly formed senior-executive council to advise the Premier and the Minister of Economic Development and Trade, Chaired by Ernie Eves (March 2007-present)

Sunnybrook Health Sciences Centre Foundation, Treasurer and Vice-Chair. Chair of the Audit Committee (2006‑present). Slated to be Chair of the Board of Directors (September 2008 for two years).

Science Without Borders (Science sans Frontières), Board of Directors, raises money to support the International Consortium on Drug Development (ICAV), which develops and delivers anti-viral drugs for neglected and emerging infectious viral diseases, (2007‑present).

American Chamber of Commerce in Canada, Advisory Board, (2003‑2007).

Israel Bond Canada, Board of Directors, (2004‑present).

Temple Sinai Foundation, Chair, Investment Committee (2006‑present).

Canadian Ditchley Foundation, Board of Directors, (2001‑present).

The Fraser Institute,Board of Trustees (1999‑present)

INNET, Founding Member and Chair of Executive Committee, (1990-2007) - a group of 70 women at the top of their fields in business, government, and the arts.

Mt. St. Vincent University, President's Advisory Council of Women Business Leaders, Halifax (2001).

BCNI (now the Canadian Council of Chief Executives), Advisory Board Member, (2000).

Bishop Strachan School, Board of Directors, Toronto (1992‑1995).

Leo Baeck School, Board of Directors, Toronto (1987‑1988).

Temple Sinai Congregation, Board of Directors, Executive Committee (1987‑1996)

Memberships

NABE - National Association of Business Economics

United Way Leadership Giving Executive Committee (1995-2001)

Harvard Business School Club

Former member of the Barron's Economic Roundtable

Personal Interests

Fitness, Health, Weight Training and Aerobics

Dual Citizen: U.S. and Canada

Married to Peter J. Cooper

Son, Stefan Atkinson, b. 1980



June 19, 2010
China Loosens Currency Peg
In a surprise announcement on Saturday, the People’s Bank of China (PBOC) announced it would break the 23-month fixed peg in the yuan MORE

June 18, 2010
Fed Easing Coming?
The U.S. economy is losing momentum and price pressures continue to fall MORE

June 10, 2010
Err on the Side of Ease
The move toward worldwide fiscal restraint runs the risk of weakening the economic recovery MORE

May 14, 2010
Global Credit Crisis Morphs Into a Global Debt Crisis
With the onslaught of the credit crisis in the fall of 2008, every country in the G20 agreed to stimulate their economies by boosting government spending and/or cutting taxes MORE

April 23, 2010
U.S. Pessimism is Overblown
There is just too much pessimism in and regarding the U.S. these days MORE

April 16, 2010
Productivity Gap Misleading
The record productivity gap between Canada and the U.S. has generated much handwringing MORE

March 26, 2010
Health Care Reform Needed in Canada
Ironically, while the U.S. is going through the excruciating process of developing a more broadly available health care system, Ontario is working to reduce government provisions to hospitals in an effort to balance the budget MORE

March 24, 2010
Fed Decision Making—Why New Appointments to the Fed Don’t Really Matter
According to media reports, President Obama is poised to name economist Janet Yellen to be Vice Chair of the Federal Reserve Board MORE

March 23, 2010
Canada's Disturbing Productivity Performance
The Canadian economy has clearly pulled out of recession with 5% growth in the fourth quarter and good momentum heading into this year MORE

March 12, 2010
The U.S. Foreclosure Crisis
Without doubt, the U.S. economy is showing signs of significant recovery in many sectors and regions MORE

March 2, 2010
Canadian Calm in a Turbulent Sea
Canada’s domestic economy has rebounded strongly from the financial crisis and global recession MORE

January 26, 2010
Don't Rock the Boat
Now more than ever, the biggest risk to sustained recovery is the political response to the fallout of the financial crisis and its impact on consumer and business sentiment MORE

January 22, 2010
U.S. Labour's Lost Dynamism
For a generation that was known for its job-hopping and entrepreneurial spirit, boomer kids—now in their twenties and thirties—are suffering from significant career malaise MORE

January 8, 2010
The End of the Bull Market in Bonds?
Even the most bullish bond fund managers will admit that, in time, U.S. government bond yields will head higher MORE

December 9, 2009
The Tax-Free Savings Account Is a Real Winner
In a surprise addition to the 2008 federal budget, the Tax-Free Savings Account (TFSA) was born MORE

December 8, 2009
The Clouds Really Are Parting
The much-better-than-expected November employment numbers for Canada and the United States confirmed that the recession has ended and the recovery is underway MORE

December 4, 2009
China Scolds Western Leaders
China has been flexing its muscles a lot lately MORE

November 13, 2009
Let's Cut a Deal
The falling U.S. dollar is grabbing enough attention these days that the Chinese authorities are signalling they will consider allowing their currency to edge upward once again MORE

October 22, 2009
Sherry Cooper Takes Questions from the Globe and Mail
Dr. Cooper joined a forum at the Globe and Mail’s web site to take your questions about small business and the recession. MORE

October 15, 2009
The U.S. Dollar’s Decline Is Not Such a Bad Thing
Many have suggested that the fall in the U.S. dollar is reflective of the sad state of American economic affairs replete with surging budget deficits, profligate consumer spending, overleveraged banks, enormous current account deficits and an increasing reliance on foreign capital inflows to finance the overspending MORE

October 2, 2009
Remaking the Retirement Plan, Post-Crisis
Well before the financial crisis and recession, the traditional concept of retirement was outmoded MORE

September 18, 2009
U.S. Job Woes: Canada 1990s Redux
There is a new kind of unemployment in the U.S.—long duration structural unemployment MORE

September 11, 2009
Pain Not Over Yet
By now, it is pretty obvious that the financial crisis is behind us and the global economy is experiencing a synchronized recovery MORE

September 9, 2009
Unbelievable
An article in today’s Wall Street Journal highlighted the possibility of the Chinese Investment Corporation (CIC)—the sovereign wealth fund responsible for investing roughly $300 billion (and growing) of China’s foreign exchange reserves—investing in U.S. commercial real estate which is already down roughly 35% from its peak MORE

September 4, 2009
Who's Doing All of the Saving?
Are households rebuilding their savings in the wake of the economic and financial collapse or is the rise in savings, measured as a residual in the national income accounts, merely a statistical illusion? MORE

August 28, 2009
Upward Revision in Q3 U.S. Growth
We are revising upward our forecast for third quarter growth in the U.S. by a full percentage point, from an estimated 2.8% to 3.8% MORE

August 21, 2009
An Irresistible Opportunity for Successful U.S. Fiscal Stimulus
While everyone knows that the American consumer has been the weak link in this recovery, in one sector the fiscal stimulus has opened consumer wallets MORE

August 17, 2009
Strengthening Canadian-Chinese Ties
In the wake of the global recession and the plunge in the Canadian trade balance to a deficit position, Canada is working hard to strengthen business ties with Brazil, Russia, India and China, or the so-called BRIC countries MORE

August 12, 2009
As Expected, No Fed Policy Change
The Fed is more optimistic about the economic outlook than it was in late June MORE

July 24, 2009
Pain Not Over Yet
Since 2007, with the beginning of the U.S. housing meltdown and the ensuing financial crisis, there has been a global decline in private sector spending, a dramatic shrinkage in global trade and an unprecedented spike in government spending MORE

July 17, 2009
The Painful Process of Deleveraging
The U.S. credit bubble in the 1990s through 2007 enabled a tremendous amount of consumer and business over-spending MORE

July 10, 2009
Let's Get Real
Many fear that mounting deficits and debt will trigger inflation in the future and call for a Fed exit strategy; others are now clamouring for additional fiscal stimulus MORE

July 2, 2009
Employment and the Fed
Those who have been calling for a Fed exit strategy from the extraordinary degree of monetary ease should be silenced by the June employment results MORE

June 8, 2009
Post-Crisis Withdrawal
As financial markets heal, banks are shying away from government assistance, betting that they can rely fully on the markets to build capital positions MORE

June 5, 2009
Worst Is Behind Us
Signs of improvement in the U.S. housing market, rising consumer confidence and a rally in financial stocks in the U.S. and Canada suggest that the economies are bottoming and the worst of the financial crisis is behind us MORE

May 28, 2009
Bet You Things Are Better Than You Think
There is increasing reason to believe that the worst of the financial crisis is behind us and the U.S. and global economies are bottoming MORE

May 15, 2009
Running the Printing Presses to Fund the Deficit
Many are concerned that, despite today’s very weak April CPI reading of ‑0.7% year-over-year, the huge monetary and fiscal stimulus in the U.S. will ultimately debase the currency MORE

May 3, 2009
Swine flu threatens to kick economies when they are down
In the midst of the longest and perhaps deepest global recession in the postwar period, the last thing we need is rising protectionism, travel advisories and reduced business and consumer activity MORE

April 29, 2009
Fed Still Adding Juice
Although the Fed announced no new initiatives today, clearly the tone of the press release suggests that the Fed will continue to support previously announced credit easing and expects to do so “for an extended period” MORE

April 27, 2009
Swine Flu: Let's Not Get Carried Away
My phone has been ringing off the hook this morning with media requests to discuss the economic implications of a swine flu pandemic MORE

April 24, 2009
Investing Is No Longer Child's Play
The Bank of Canada made it clear this week that our economy is contracting far more than they earlier expected MORE

March 25, 2009
Future of Finance Conference
The Who’s Who of finance descended upon Washington, D.C. Monday for 24 hours of policy analysis MORE

March 18, 2009
More Good News
Bernanke is the man, clearly the best spokesperson for the Obama administration, raising his odds of reappointment this summer MORE

March 13, 2009
Finally, Some Good News
No doubt about it, the Canadian employment nosedive in February is bad news, but it is bad news that is in lagged response to what has already been happening around the world MORE

March 11, 2009
More Signs of Hope Needed
We are in a negative-news cycle, to say the least, and it is difficult to see a near-term end to it based on incoming data, heated policy debates and wealth-obliterating market activity MORE

February 27, 2009
A More Prudent Society
It has now been publicized around the world just how strong our banking system is in Canada MORE

February 5, 2009
The Demonization of Banks
The global financial landscape is changing rapidly and perhaps nowhere more so than in the U.S. MORE

January 30, 2009
Can You Count on Dividends?
In the U.S., the answer is certainly no. MORE

January 28, 2009
Fed Does Not Dispel Confusion
The Federal Reserve just wrapped up its first policy meeting of the New Year MORE

January 27, 2009
The Advil Budget
The 2009 Canadian budget is chock-full of government spending and rather light on the side of tax cuts, but the truth is that domestic fiscal stimulus can only ease the pain of the global recession and credit crisis MORE

January 23, 2009
Deflationary Forces Accelerate
Layoffs and reductions in hours worked have been accelerating in recent months and cover firms in virtually every sector of the U.S. economy. MORE

January 9, 2009
Recession Worsens
The latest jobs data signal that the year-long U.S. recession is worsening and the Canadian recession is moving in with full force MORE

December 18, 2008
One Major Lesson
One major lesson learned in 2008 is that financial losses spill quickly into the real economy MORE

December 16, 2008
Fed Slashes Rate to 0-to-25 bps Range; Historic Use of Fed Balance Sheet to Ease
The Federal Reserve has every reason to ease aggressively and it certainly did MORE

December 5, 2008
Forget Old-Time Fiscal Stimulus
With today's dismal employment report, there is no doubt that the Canadian economy is in recession and the U.S. contraction is accelerating MORE

December 3, 2008
Tough Times, Aggressive Actions
There is growing evidence that the global economic slump is deepening and that consumer and business access to credit is shrinking. MORE

November 21, 2008
Urgent Action Needed
Canadians have been far too sanguine thinking that we would be cushioned from the crisis in credit and the global recession MORE

November 15, 2008
GM Bailout - Part 2
Yesterday, in a note to clients, I acknowledged that there are two sides to the GM-bailout controversy MORE

November 14, 2008
Should the U.S. Government Bail Out GM?
Washington is currently struggling with the issue of whether or not to bail out the domestic auto industry, most immediately, GM. MORE

November 6, 2008
Recession Darkens
With the U.S. election behind us, markets are focussed on the serious negative impact the financial crisis had on the economy since late September MORE

November 5, 2008
National Catharsis
President-elect Barack Obama has won a decisive victory, drawing support from all regions of the country and all segments of the population MORE

October 16, 2008
The Consumer Recession
The sizable decline in stocks in the past two days reflects the growing awareness that the U.S. economy is going into a deeper and more protracted recession than expected MORE

October 10, 2008
Paulson and the G-7 Do the Right Thing
U.S. Treasury Secretary Hank Paulson just announced that the TARP would be buying not only troubled bank assets, but will also infuse capital into banks and other financial firms directly MORE

October 10, 2008
More Action-Crisis Intensifies
All overnight indicators suggest that the crisis is intensifying despite ballooning rescue efforts by governments all over the world MORE

October 9, 2008
The Wealthy Boomer interviews Sherry Cooper
Jonathan Chevreau of the National Post interviews Sherry Cooper on her book, The New Retirement. MORE

October 8, 2008
Global Rate Cuts... Finally!
In the face of intensifying financial market turmoil, major global central banks swooped in this morning with an unprecedented coordinated interest rate cut. MORE

October 7, 2008
Unbelievable Complexity
The Fed and Treasury will do whatever it takes to unfreeze credit markets. MORE

October 1, 2008
Quarterly Web Cast and Dividend Stock Screen
Sherry's latest web cast, and the latest update of the dividend stock screen featured in Sherry Cooper's book, The New Retirement MORE

September 26, 2008
Economists Weigh In
There is nothing I could write at this moment that might not be superseded by events in the next few hours. MORE

September 19, 2008
Stock Market Applauds U.S. Government Plan
What a week this has been. MORE

September 16, 2008
No Rate Change, Easing Bias
In a unanimous decision, policymakers did not cut the benchmark fed funds rate, despite the market’s call for an easing move. MORE

September 15, 2008
Fed Widens Collateral
Judging from my press calls early this morning, there appears to be a good deal of opacity in what the Fed has said regarding a broadening of the collateral it is willing to hold on short-term emergency loans to primary dealers. MORE

September 14, 2008
Wild Day Tomorrow
Unfortunately, as of 4:00 p.m. today (Sunday) the news on an orderly takeover of Lehman Brothers does not look good. MORE

September 11, 2008
Recovery Still a Year Away
With continued financial instability and the deceleration in global growth, Canada's economy has slowed and the TSX has fallen sharply on the heels of commodity price declines. MORE

August 29, 2008
The New Cold War
Russia began the latest flexing of its political and economic muscles as China, with the Beijing Olympics, was about to begin its triumphant coming out party. MORE

August 22, 2008
Hedge Funds Face Shock Waves
Things are tough and getting tougher in the hedge fund (HF) business. MORE

August 7, 2008
Fed Policy Tighter than Normal at 2% Fed Funds
While the Fed decided to leave its benchmark interest rate at 2% this week, well below the level suggested by the Taylor Rule, credit conditions in the U.S. are much tighter than this rate would suggest. MORE

August 1, 2008
Obama Just Found His Middle-America Appeal
With Obama still running behind McCain in the industrial heartland, among both male and female voters in states such as Pennsylvania, Ohio and West Virginia, news widely reported today that Wal-Mart has formally and officially informed managers that a vote for the Democrats is a vote for unionization will not sit well with America’s traditional middle class MORE

July 18, 2008
A Global Presidential Campaign
What better evidence is there that globalization is real and permanent than the foreign trips of both presidential candidates? MORE

July 15, 2008
Crisis Widens
The U.S. financial markets and the U.S. economy are in crisis and the ramifications for the rest of the world are enormous MORE

July 7, 2008
Next Shock: Currency Crisis?
The malaise of the U.S. economy is palpable MORE


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