Canadian spreads are now significantly below their peaks, but remain elevated relative to historical norms.) 4  The uncertainty we speak of is the so-called Knightian uncertainty, in which probabilities cannot be attached to individual events and, as such, risk (or the variance) cannot be measured.
It includes the analysis of liquidity, credit, balance of payments, employment levels, and a broad range of other economic data which helps us to create an index of economic activity. 13.