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Wide Range Of Views For BoC Rate Path

CANADA
  • The median of 11 responses in today’s Bloomberg economist survey was for hikes in the next two meetings before a pause and then once per quarter from October through to mid-2023.
  • That leaves 3 further hikes in the overnight rate this year to 1.25% in Dec-2022, and then 2 to 1.75% in Jun-2022.
  • There was a wide range within the responses though, with Goldman standing out with 6 further hikes this year plus two in 1H23 to 2.5%.
  • Desjardins is clearly the most dovish, hitting 1.25% in October and then seeing no change thereafter.

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