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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 904,884,760
Close 2022-10-27 C$ 60.98
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Globe says RBC, rivals hear BOC easing up on rate hikes

2022-10-27 08:24 ET - In the News

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

The Globe and Mail reports in its Thursday edition that the Bank of Canada has just signalled the beginning of the end of interest rate hikes. The Globe's David Parkinson writes that it may not look that way, but the BOC has made it clear it is starting to ease up on boosting rates. The fact that the BOC raised its rate by half a point, not three-quarters as expected, was the first hint that the tide may have turned. The more the BOC talked about its decision on Wednesday, the clearer it became that it has started to ease off the interest rate pedal, and is setting itself up to ease off some more. Mr. Parkinson suggests the BOC might even stop raising rates entirely -- not yet, but, perhaps, sooner than many experts had thought. Governor Tiff Macklem said during a news conference: "This tightening phase will draw to a close. We are getting closer, but we are not there yet." Not that long ago, Mr. Macklem mused vaguely about the possibility of taking a "pause" -- a timeout to assess the effects of this year's steep rate hikes before, presumably, stepping back in with some more increases. Now, Mr. Macklem is mulling closing in on the finish line. He said he wants "to balance the risks of under- and over-tightening."

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