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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 904,884,760
Close 2022-10-07 C$ 58.48
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Globe/wire say CIBC, rivals hear BOC sees scope to slow

2022-10-11 07:53 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 Globe and Mail reports in its Monday edition that Bank of Canada Governor Tiff Macklem sees a chance for the economy to slow based on an "exceptionally high number" of job vacancies in the labour market. A Reuters dispatch to The Globe reports that in a CBC interview Mr. Macklem said the current inflation fight is the biggest test the BOC has faced since it started targeting inflation 30 years ago. He assured Canadians that monetary policy is working and he expected inflation to return to the BOC's 2-per-cent target by 2024. Canada's headline inflation rate dropped to 7 per cent in August, with core inflation running at about 5 per cent. Mr. Macklem said: "We need to cool the economy, [but] we don't want to overcool the economy. ... When we look at the economy, [we see] an exceptionally high number of vacant jobs. That's a clear signal that there is scope to slow the economy, without a lot of people put out of work." Canadian employers were actively looking to fill nearly one million jobs as of July, data released on Friday showed, while the job vacancy rate dropped to 5.4 per cent in July, from a peak 6 per cent in April, 2022. Most observers are leaning toward a 50-basis-point increase on Oct. 26.

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