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Canadian Imperial Bank of Commerce
Symbol CM
Shares Issued 444,455,153
Close 2018-04-23 C$ 110.62
Market Cap C$ 49,165,629,025
Recent Sedar Documents

FP says TD, rivals hear Poloz cool with inflation rate

2018-04-24 08:30 ET - In the News

See In the News (C-TD) Toronto-Dominion Bank

The Financial Post reports in its Tuesday edition that Bank of Canada Governor Stephen Poloz's life would be easier if his core public was better with nuance. The Post's Kevin Carmichael writes that Mr. Poloz, however, performs for economists and traders that see the world through mathematical equations. Those calculations produce precise numbers, and those numbers are supposed to say something about the future. Right now, those numbers seem to show Mr. Poloz is about to lose his grip on inflation. On April 20, Statistics Canada reported that the Consumer Price Index was 2.3 per cent higher in March than a year earlier, the biggest increase in four years. That is faster than the BOC's target of 2 per cent, suggesting policymakers should be raising interest rates. Yet only two days earlier, Mr. Poloz decided to leave the BOC benchmark unchanged at a very low setting of 1.25 per cent. The official goal is to keep inflation at the midpoint of a range that starts at 1 per cent and extends to 3 per cent. That range was created for moments when the economic backdrop gets complicated. This is one of those times. As a result, Mr. Poloz is comfortable tolerating inflation moderately faster than 2 per cent.

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