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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 904,884,760
Close 2022-10-25 C$ 60.09
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Globe says RBC, rivals hear BOC needs to be flexible

2022-10-25 07:45 ET - In the News

See In the News (C-RY) Royal Bank of Canada

The Globe and Mail reports in its Tuesday, Oct. 25, edition that the Bank of Canada is widely expected to deliver another rate increase of somewhere between 0.5 and 0.75 percentage point. The Globe's guest columnist Tyler Meredith writes that although perhaps it was truer earlier this year, we are no longer in a situation that could be characterized as one of purely excess demand. Although year-over-year headline inflation remains uncomfortably high -- 6.9 per cent last month -- there has been a clear downshift in price pressures since the summer. In fact, thanks to a major deceleration of gas prices, the annualized inflation rate over the past three months is now close to 2.5 per cent. Mr. Meredith expects to see a similar response in other categories over the coming months. With inflation trending in the right direction, the next test for the BOC's credibility will be whether it gives itself enough time and room to engineer the soft landing it claims to desire. Mr. Meredith says there is ample evidence for the BOC to begin to slow down and potentially pause. We are at or near the point where it is time to enter the next phase of play, with an updated game plan: one that is more flexible and open to changes.

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