So much for rising interest rates: The returns on GICs have taken an unexpected turn [Toronto Globe and Mail (Ontario, Canada)]
Canadian Imperial Bank of Commerce (CM)
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Source: Toronto Globe and Mail
So much for rising interest rates: The returns on GICs have taken an unexpected turn The rising trend for rates on guaranteed investment certificates has abruptly fizzled. Some fairly good deals are still available, but rates on average have actually fallen lately. Brandon Brot of GIC Wealth Management says his firm’s best rates on one-year GICs were .11 percentage points lower in the second week of January than at the beginning of December, and two-year rates were an average of .16 points lower. Yields on terms of 3-5 years have also fallen, but to a lesser degree. Story continues below advertisement Were you waiting for the rising rate momentum of the past 18 months to carry GIC rates ever higher? Mr. Brot understands your pain. “I think we’ve come so far so fast, everyone just seems to think that rates will continue to rise and a 4-per-cent, five-year GIC is just around the corner.” The lesson here is not to sit on the sidelines waiting for higher rates. The economic growth and inf
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- CM's page on the SEC website