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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 904,692,428
Close 2022-08-25 C$ 65.38
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FP/wire say CIBC, rivals hear BOC seen raising rates

2022-08-26 08:34 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 Financial Post reports in its Friday edition that Canadian employers continue to report record levels of job vacancies, pointing to a drum-tight labour market that is likely to keep the Bank of Canada on an aggressive hiking path. A Bloomberg dispatch to the Post reports that unfilled positions rose by 32,500 in June to 1.03 million, Statistics Canada reported Thursday. It marks the fourth straight month of vacancies near or above the one million threshold. The job vacancy rate was 5.9 per cent in June, matching a record high. There was an average of one unemployed person for each job vacancy, a record low and almost half the ratio a year ago. The relentless demand for labour is a green light for the BOC to move ahead with another sharp increase to interest rates at its next decision. Market pricing puts the odds as high as 80 per cent for a 75-basis-point hike on Sept. 7, which would bring the policy rate to 3.25 per cent -- a full three percentage points above the emergency pandemic low it was resting at until March. Meanwhile, Governor Tiff Macklem announced plans to reorganize the BOC's governance structure by bringing in outsiders to its main policy-making council, on a shorter-term basis.

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