Bank of Canada May Already Be One and Done, TD Asset Chief Says
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Photographer: Patrick Doyle/Bloomberg
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Investors are pricing in two more interest rate hikes from the Bank of Canada this year but one may even be a stretch, according to the manager of C$355 billion ($273 billion) of assets for a unit of Toronto-Dominion Bank.
“I struggle to see a lot of engines to push the Canadian economy meaningfully faster,” Bruce Cooper, chief executive and chief investment officer at TD Asset Management, said in a phone interview. If the central bank does hike by the end of 2018, it will only be once, whereas the U.S. Federal Reserve will raise interest rates at least twice more this year and continue to do so in 2019.