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Most Analysts See BoC Having Peaked, First Cut April 2024

CANADA
  • The Bloomberg survey of analysts shows that a clear majority expect rates to have peaked at 5% this year (taken July 14-19 in the week following the latest 25bp hike to 5%).
  • The exceptions are CIBC and PNC looking for a 25bp hike in September and GS and JPM looking for a 25bp hike in October.
  • The median response sees the first cut coming in Apr’24 with only two responses coming earlier in March, whilst CIBC gets another mention in that they also pencil in the lowest rate come Oct’24 at 3.50%.

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