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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 904,692,428
Close 2022-09-09 C$ 63.80
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Globe says TD, rivals hear BOC sees rates rising

2022-09-09 08:10 ET - In the News

See In the News (C-TD) Toronto-Dominion Bank

The Globe and Mail reports in its Friday edition that senior deputy governor Carolyn Rogers says the Bank of Canada intends to keep pushing borrowing costs higher and that a period of lower economic growth is necessary to bring inflation back under control. The Globe's Mark Rendell writes that Ms. Rogers warned on Thursday that the economy is still overheating and price pressures are broadening. She said getting inflation back to the BOC's 2-per-cent target will be a long process with "bumps along the way." Ms. Rogers gave no hints about how high the BOC expects to push interest rates. She said its governing council will respond to incoming economic data, paying particularly close attention to consumer spending, labour-market tightness, supply-chain disruptions and inflation expectations. Mr. Rendell says financial markets and most private-sector forecasters expect an end-point for the BOC's rate hike cycle of between 3.5 per cent and 4 per cent. Desjardins's Royce Mendes says: "Central bankers are flying blind when it comes to how high rates need to rise. ... If monetary policymakers have to make a choice between a recession and controlling inflation in the near-term, their actions will be guided by the latter."

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