04:04:45 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Bank of Montreal
Symbol BMO
Shares Issued 713,194,533
Close 2023-06-01 C$ 113.55
Market Cap C$ 80,983,239,222
Recent Sedar Documents

FP says CIBC, rivals hear more BOC tightening expected

2023-06-01 09:44 ET - In the News

See In the News (C-CM) Canadian Imperial Bank of Commerce (CIBC)

The Financial Post reports in its Thursday, June 1, edition that stronger-than-expected economic growth in the first quarter could force the Bank of Canada to end its pause and hike interest rates again over the summer. The Post's Stephanie Hughes writes that gross domestic product expanded at a 3.1-per-cent annualized pace over the first three months of the year. It is a figure that blew past Bay Street's expectations of 2.5-per-cent growth and the BOC's own 2.3-per-cent projection. Economists are putting more stock into the potential for a rate hike at some point over the next few months, with some predicting a bump as early as next week in its June 7 meeting. Markets are now pricing in a 40-per-cent chance of a hike next week, up from 28 per cent before the data, Reuters reports, and they now expect an increase of 25 basis points by September. Desjardins's Royce Mendes sees the BOC raising rates next week. "While they might pass on changing course just yet, the belief that the central bank will further tighten policy this summer is justifiably gaining traction." The BOC has said it would maintain a pause on rates hikes only if the economy cooled, but the latest reading points to continued strength.

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