Bank of Canada Seeks More Disinflation Proof as It Mulls Cuts [BNN Bloomberg (Canada)]
Canadian Imperial Bank of Commerce (CM)
Last canadian imperial bank of commerce earnings: 2/26 05:53 am
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Source: BNN Bloomberg
Policymakers led by Governor Tiff Macklem left the benchmark overnight rate unchanged at 5% on Wednesday. The hold was expected by markets and by economists in a Bloomberg survey. “We are seeing what we need to see, but we need to see it for longer to be confident that progress toward price stability will be sustained,” Macklem said in the prepared text of his opening statement. The Canadian dollar held losses after the release, trading near the session low of C$1.3678 per US dollar reached after data earlier Wednesday showed a measure of underlying US inflation topped forecasts for a third straight month. The yield on benchmark Canada two-year debt held its rise seen after the US data, up about 13 basis points on the day at 4.32%. Officials say that data since January have boosted their confidence that price pressures are gradually slowing, even as they expect economic growth to increase. Still, Macklem called further declines in core inflation “very recent,” adding that the b
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