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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 906,003,982
Close 2022-11-23 C$ 64.74
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Globe says CIBC, rivals see MPs query BOC's Macklem

2022-11-24 08:01 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 Thursday, Nov. 24, edition that parliamentarians questioned Bank of Canada Governor Tiff Macklem about inflation and financial losses on Wednesday, with top opposition politicians framing questions to their political advantage. The Globe's Mark Rendell writes that Mr. Macklem said inflation remains too high and interest rates need to keep rising. The BOC is widely expected to announce another interest-rate hike on Dec. 7. New Democrat Leader Jagmeet Singh pressed Mr. Macklem on the impact of corporate profits on inflation. Unions and left-leaning politicians have argued in recent months that the central bank is putting too much emphasis on wages pushing up inflation, and not enough on corporate greed. Mr. Macklem conceded that companies have been passing rising costs to customers with relative ease, allowing them to protect their profit margins. He said, however, he expects businesses to pass along savings to customers as input costs decline. Conservative Party leader Andrew Scheer said the BOC appears to need a "bailout." Mr. Macklem said that it was largely an "accounting issue," and pointed to several solutions that are being developed by other central banks.

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