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CIBC: BoC On Hold Through 2023 Before Gradually Cutting 2024

  • CIBC had expected that today's 25bp move would be the final one for this cycle, and the change in the Bank's guidance only reaffirms that belief.
  • They note that there remained a slight bias within its communication towards raising interest rates further, but that the statement suggests that the Bank will sit on the sidelines for now and wait for the accumulation of a few month's worth of data rather than necessarily reacting to near-term surprises.
  • CIBC see rates on hold at 4.5% through 2023 before being eased gradually in 2024.

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