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Bank of Montreal
Symbol BMO
Shares Issued 647,470,963
Close 2021-07-19 C$ 122.37
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FP says CIBC, rivals hear BOC holding rates steady

2021-07-20 09:25 ET - In the News

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

The Financial Post reports in its Tuesday edition that Bank of Canada Governor Tiff Macklem reiterated last week that he intends to leave the benchmark interest rate locked near zero until at least the middle of next year, which is when the BOC predicts the economy will be approaching full health. The Post's Kevin Carmichael writes that some economists, including Alberta Central's Charles St-Arnaud, think that growth will be so strong by next spring that Mr. Macklem will have to move sooner than he currently expects. Mr. St-Arnaud, a former BOC economist, sees the central bank lifting the benchmark rate by a quarter point in July, 2022. The economy has rallied from last year's epic collapse faster than many anticipated, but the country still is a long way from achieving the "complete" recovery that Mr. Macklem has pledged to deliver. Some think the BOC could whittle its bond purchases to zero by the end of the year. Mr. Macklem would still wield influence over interest rates even if that were to happen. While the BOC would no longer be creating money and adding assets to its portfolio, it likely will opt to reinvest what it received when the bonds it had already purchased mature, rather than quit cold turkey.

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