04:28:29 EST Thu 02 Feb 2023
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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 904,692,428
Close 2022-08-29 C$ 64.11
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Globe says RBC, rivals hear it's dicey to own banks now

2022-08-30 09:22 ET - In the News

See In the News (C-RY) Royal Bank of Canada

The Financial Post reports in its Tuesday edition that unlike the Donald Trump era, Joe Biden's administration has absolutely no problem with what the Federal Reserve is doing right now. The Post's guest columnist David Rosenberg writes that the political cover for Fed chairman Jerome Powell is there. According to Mr. Rosenberg this all means we are back to risk off. He says once the recession becomes universally accepted and priced in, and once the Fed does end up cutting rates and steepening the yield curve into a positive slope (who can dare own the banks in this environment?), the bottom will be in for good. Mr. Rosenberg says do not bother timing it. He says know that it will happen and that the best days for equities happen after the Fed is deep into the easing game. At this point, that may not be until the second half of 2023 or perhaps even later. As for the here and now, Mr. Rosenberg says one must feel for those folks who plowed $11.7-billion (U.S.) back into equity mutual funds these past two weeks. Buyers' remorse is bound to set in. We are heading into September, which is seasonally worst month of the year, and it is the only month with the black mark of negative mean and median performances.

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