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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 904,884,760
Close 2022-10-24 C$ 59.67
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Globe says CIBC, rivals see backlash to BOC widen

2022-10-25 07:44 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 Tuesday, Oct. 25, edition that the New Democratic Party is criticizing the Bank of Canada's rapid interest rate increases, further complicating the political environment for the central bank as it attempts to get inflation under control. The Globe's Mark Rendell writes that NDP leader Jagmeet Singh sent a letter to Prime Minister Justin Trudeau on Friday arguing that the BOC is causing unnecessary harm to workers by pushing interest rates higher. On Sunday he said that "there's absolutely no merit" to the BOC's approach to fighting inflation. Conservative Party leader Pierre Poilievre was a fierce critic of the BOC during his leadership bid. Now, with the BOC's rate hikes pushing the economy toward recession, labour leaders and left-leaning politicians, such as Mr. Singh, are also calling on the bank to change its path. This complicates things for the BOC, which is already struggling to shore up its credibility in the face of high inflation. It raises questions about the future of the principle of BOC independence from political interference. Mr. Rendell says the central bank is widely expected to announce another large rate hike on Wednesday.

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