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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 904,884,760
Close 2022-10-21 C$ 59.46
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Globe says CIBC, rivals expect large BOC rate hike

2022-10-24 07:19 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, Oct. 24, edition that the Bank of Canada is expected to deliver another large interest rate increase this week. The Globe's Mark Rendell writes that Governor Tiff Macklem has been unambiguous in recent weeks that interest rates need to keep rising to get prices under control. Markets are pricing in a high probability that he will announce another 75-basis-point rate increase on Wednesday, although some forecasters argue that a smaller 50-basis-point move is more likely. Eight months into one of the fastest rate-hike cycles on record, the BOC is in a precarious spot. The economy is slowing down, but inflation remains stubbornly high. Analysts think the bank is nearing the end of its monetary policy-tightening campaign, but Mr. Macklem risks roiling markets and boosting inflation expectations if he changes course on rate hikes too abruptly. National Bank economists says in a note: "Dovish signals may be self-defeating for the moment. But by pushing rates into decisively restrictive territory more quickly, it's less obvious (to us) that rates will need to move up much further." The Globe says Canada's economic outlook has darkened since the last rate decision in September.

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