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Bank of Montreal
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Shares Issued 647,470,963
Close 2021-07-12 C$ 127.00
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FP says CIBC, rivals hear it's taper time for the BOC

2021-07-13 08:56 ET - In the News

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

The Financial Post reports in its Tuesday, July 13, edition that last week's strong jobs data nearly guarantee the Bank of Canada will reduce its purchases of Government of Canada bonds when it makes its interest rates announcement on Wednesday. The Post's Kevin Carmichael writes that the BOC began interest-rate deliberations last week with some good news. The BOC's latest Business Outlook Survey suggests executives are preparing for a burst of demand as soon as health restrictions ease. The quarterly poll also flagged some emerging inflation risks, which argues in favour of taking advantage of windows to reduce monetary stimulus. Overall business sentiment rose to its highest on record. Expectations of upward pressure on wages are near the highest on record. Thirty-five per cent of survey respondents said they expected inflation would exceed 3 per cent over the next 12 months, compared with 13 per cent in the previous survey. Borrowing rates are likely to drift higher over the interim as the central bank edges out of the bond market. In April, the BOC dropped its weekly purchases of federal debt to $3-billion, and it likely will decide to shave its bond-buying program to at least $2-billion this week.

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