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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 450,834,323
Close 2021-11-16 C$ 149.03
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Globe says CIBC, rivals see BOC mull labour issues

2021-11-17 08:28 ET - In the News

Also In the News (C-BMO) Bank of Montreal
Also In the News (C-BNS) Bank of Nova Scotia
Also In the News (C-NA) National Bank of Canada
Also In the News (C-RY) Royal Bank of Canada
Also In the News (C-TD) Toronto-Dominion Bank

The Globe and Mail reports in its Wednesday, Nov. 17, edition that the Bank of Canada is dealing with labour market uncertainty as it tries to gauge the health of Canada's economic recovery and estimate a timeline for interest rate hikes in the face of surging inflation, deputy governor Lawrence Schembri said Tuesday. The Globe's Mark Rendell writes that Mr. Schembri stressed the BOC's commitment to achieving full employment before raising interest rates. At the same time, he said that shifts in demographics, technology and the nature of work during the pandemic have made it harder for central bankers to determine the maximum sustainable level of employment in the Canadian economy. Likewise the relationship between labour market tightness and inflation has weakened in recent years. Mr. Schembri said: "Our assessment of labour market conditions and underlying capacity and inflationary pressures is now more difficult. Consequently, more uncertainty exists around the timing of when the output gap will close and inflation will return sustainably to our 2-per-cent target." The BOC has promised not to raise its policy interest rate until the economy is operating at its full potential.

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