RBC's McKay Sees Canada Rate Cuts Starting in Summer Months [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
“We're on track for rate cuts this summer and into the fall,” McKay said in an interview aired Friday on BNN Bloomberg Television, noting this should help mortgage holders and other borrowers. “But don't forget, even if rates come down by 100 basis points or 50 basis points, that's still tightening. A 4% rate in the economy is still not an expansionary rate.” The Bank of Canada's overnight rate has been at 5% since last July, and some economists expect policymakers to begin lowering it as soon as the June 5 rate decision. McKay made the comments in an interview recorded before Statistics Canada released the March labor force survey Friday morning, which revealed unexpected weakness in the labor market. The unemployment rate rose 0.3 percentage points to 6.1% after Canada unexpectedly shed 2,200 jobs in the month. Victor Dodig, McKay's counterpart at Canadian Imperial Bank of Commerce, said Thursday he expects only one or “maybe two” rate cuts this year, starting in the second h
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