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BOC Rate Seen At Or Near Peak- Ex Gov. Dodge

CANADA
  • Coming during the FOMC press conference, a new forecast by former BoC Governor Dodge sees the BoC’s current policy interest rate of 4.75% at or near the peak for this cycle.
  • The market currently appears to have a modestly more hawkish view depending quite how you interpret it, anticipating approximately 1.5 hikes from the current 4.75% after the 25bp hike earlier this month.
  • The broader trend is in keeping though: The U.S. Federal reserve is in the same situation and in both nations "rates would come down only gradually in 2024 and 2025," according to a report from Bennett Jones where Dodge became a senior adviser after running the central bank from 2001-2008.
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