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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 906,003,982
Close 2022-11-29 C$ 64.19
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Globe says CIBC sees BOC boosting rate to 4.25%

2022-11-30 07:03 ET - In the News

The Globe and Mail reports in its Wednesday, Nov. 30, edition that the Canadian economy grew faster than expected in the third quarter. The Globe's Mark Rendell writes that gross domestic product increased 2.9 per cent on an annualized basis from July to September, Statistics Canada said Tuesday. That is well ahead of the Bank of Canada's forecast of 1.5-per-cent growth in the quarter. Preliminary data for October, however, showed the economy flatlining. The mixed picture sets the stage for another interest rate hike by the BOC on Dec. 7. Private-sector forecasters are split on whether the BOC will move by another 50 basis points, as it did in October, or shift down to a smaller 25-basis-point rate hike. Canadian Imperial Bank of Commerce economist Andrew Grantham said in a note: "While headline growth was stronger than expected in Q3, it shouldn't change the trajectory for Bank of Canada policy. We continue to expect a final 50bp rate hike to a peak of 4.25 per cent, before the bank moves to the sidelines in 2023 to observe how the economy is coping with these higher interest rates." Governor Tiff Macklem said last week, "If we don't do enough, Canadians will continue to endure the hardship of high inflation."

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