Central Banks
Bank of Canada to Start Jumbo Rate Cuts by December, CIBC Says
- ‘Time to declare victory’ in inflation battle: CIBC’s Shenfeld
- CIBC also sees possibility of a 50 basis-point cut on Oct. 23
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One of the country’s biggest lenders says the Bank of Canada will accelerate the pace of monetary easing in order to stave off recession.
Canadian Imperial Bank of Commerce says policymakers led by Governor Tiff Macklem will reduce the policy rate by 50 basis points at each meeting in December and January, according to new forecasts released Thursday. The lender expects the central bank to end the easing cycle next June with a policy rate of 2.25%. The pace of cuts is faster and deeper than what most economists expect, according to a Bloomberg survey from last month.