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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 904,692,428
Close 2022-09-07 C$ 61.84
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FP says BMO, rivals sees BOC economic picture shift

2022-09-07 09:19 ET - In the News

See In the News (C-BMO) Bank of Montreal

The Financial Post reports in its Wednesday, Sept. 7, edition that the Bank of Canada has embarked on a series of rate hikes this year in a bid to tame inflation, but its policy rate decision on Wednesday comes as the economic picture has started to shift: inflation dipped below the 8-per-cent mark to an annualized pace of 7.6 per cent in July, while the country's economic growth lost its momentum in the second quarter. According to the Post the broad consensus among economists is that the BOC will deliver another supersized rate hike at 75 basis points, bringing the policy rate up to 3.25 per cent and keeping its aggressive path of rate hikes going. Reacting to the July inflation reading, most economists agreed that the BOC would not hike by less than 50 basis points. While some outright dismissed the idea of another 100-basis point hike at the time, others, such as National Bank's Taylor Schleich, have not ruled out a rate hike of this size, putting the chance of a full-percentage-point advance at 20 per cent, more than the 10 per cent chance of a half-point hike. A 75- or 100-basis-point boost would have the policy rate break past the BOC's theoretical neutral range of 2 to 3 per cent.

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