10:47:50 EDT Sun 21 Apr 2024
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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 906,003,982
Close 2022-11-18 C$ 63.56
Market Cap C$ 57,585,613,096
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Globe/wire say CIBC, rivals hear Fed warn on rates

2022-11-21 08:12 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 Saturday, Nov. 19, edition that Federal Reserve Bank of Boston leader Susan Collins said on Friday that with little evidence price pressures are waning, the Fed may need to deliver another 75-basis-point rate hike as it seeks to get inflation under control. A Reuters dispatch to The Globe reports that Ms. Collins told CNBC: "We're now in a phase where deliberate increments -- all of the possible increments -- should be on the table as we decide what is sufficiently tight. Seventy-five still is on the table." The Fed has lifted its policy rate more rapidly this year than any time since the 1980s. Chairman Jerome Powell has signalled that the Fed could shift to smaller rate hikes next month to avoid tightening more than necessary and sending the economy into recession. At the same time, he said, rates ultimately may need to go higher than the 4.6 per cent that policy makers thought in September would be needed by next year. Ms. Collins said Friday that the Fed's September projections for rates was a "reasonable range." She said, "I would say that some of the data that we've seen since then has increased at the top of where I think we might need to go."

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