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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 904,692,428
Close 2022-09-27 C$ 59.89
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FP/wire say CIBC, rivals hear BOC needs to raise rates

2022-09-27 09:04 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 Tuesday edition that inflation is too high in Canada, so the Bank of Canada needs to increase interest rates to slow spending and give the economy time to catch up, Governor Tiff Macklem said on Monday in a video posted by the central bank on Twitter. A Reuters dispatch to the Post reports that Mr. Macklem said, "Inflation is too high," in a video tagged #Asktheboc, echoing remarks made earlier this month after the central bank hiked its policy rate by 75 basis points to 3.25 per cent. "It is important that we get inflation back down so Canadians can plan their spending and their savings, and they don't get surprised by big changes in their cost of living." The BOC, like many of its global peers, is rapidly increasing interest rates in response to inflation running at levels not seen in decades. However, the bank has faced public criticism for increasing borrowing costs at a time when many Canadians are already struggling to afford groceries and other essentials. Mr. Macklem said in the video: "It is by raising interest rates that we're going to slow spending in the economy, give the economy time to catch up and take the steam out of inflation. That's gonna get inflation back down."

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