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Canadian Imperial Bank of Commerce (CIBC)
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Close 2022-11-03 C$ 60.99
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FP says TD, rivals hear BOC to be less aggressive

2022-11-03 09:34 ET - In the News

See In the News (C-TD) Toronto-Dominion Bank

The Financial Post reports in its Thursday edition that Bank of Canada Governor Tiff Macklem said Tuesday the BOC is engaged in a delicate balancing act as it looks to prevent inflation from becoming entrenched while avoiding a recession. The Post's Stephanie Hughes writes that Mr. Macklem, speaking to the Senate's banking, trade and economy committee on Tuesday, said: "Finally, we are trying to balance the risks of under- and over-tightening. If we don't do enough, Canadians will continue to endure the hardship of high inflation. And they will come to expect persistently high inflation, which will require much higher interest rates and, potentially, a severe recession to control inflation. Nobody wants that." Mr. Macklem added that the current aggressive tightening cycle, which had the BOC raising its trendsetting policy rate a total of 3.5 percentage points to 3.75 per cent, will draw to a close. However, with the most recent headline inflation readings at 6.9 per cent, he emphasized that the BOC was still not there yet. Evidence of an economic slowdown has begun to crop up, Mr. Macklem said, which informed October's 50-basis-point increase instead of the 75-basis-point hike economists had broadly anticipated.

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