08:47:31 EST Wed 07 Dec 2022
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Canadian Imperial Bank of Commerce (CIBC)
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Close 2022-09-28 C$ 61.04
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FP says CIBC, rivals hear BOC seen hiking rates to 4.5%

2022-09-28 07:40 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 Wednesday edition that the Organization for Economic Co-operation and Development expects the Bank of Canada to raise its policy interest rate to 4.5 per cent in 2023, higher than the 4 per cent expected by many economists. An unbylined item in the Post reports that the OECD said further policy rate increases are needed in most major advanced economies to reduce inflation and these will likely involve a period of "below-trend growth." Policy rates are projected to rise to 4.5 per cent to 4.75 per cent in the U.S., 4.5 per cent in Canada and 4.25 per cent in the U.K. because of the labour market pressures in these countries, the agency said. The BOC's current rate is 3.25 per cent. The OECD warned that high inflation is becoming entrenched. Even before the Ukraine war, inflation was pushing above central banks' targets in most G20 countries, but the conflict made it worse, raising prices on food, energy and metals. Inflationary pressures have become increasingly broad-based, said the OECD, as higher energy, transportation and other costs pass through into prices. Wage growth has also strengthened, especially in Canada, the U.S. and the U.K., which puts pressure on a wide range of prices.

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