Fed's Uncertain Path Creates Bind for Bank of Canada's Macklem [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
Governor Tiff Macklem said last week officials are mulling when to cut the bank's benchmark overnight rate from 5%, and he kept the door open to easing as early as June. With core inflation decelerating, markets are putting the odds of a cut at the next meeting at about two-thirds. A cut in July is fully priced. In the US, the immediate path for easing rates appears less certain. Traders expect just one or two cuts from the Fed this year, a sharp change from the start of this year, when they were looking for five or six. Some Fed officials believe it's possible there will be no cuts at all in 2024, given stronger-than-expected growth and sticky inflation. That's raising questions about how deeply the Bank of Canada can lower rates this year, and whether policymakers will eventually be forced to pause and wait out the Federal Reserve. The larger the gap between the two countries' policy interest rates, the greater the potential for downward pressure on the Canadian dollar. A wea
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- 2/29/24 - Beat
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- 5/1/24 - Form 424B2
- 5/1/24 - Form 424B2
- CM's page on the SEC website