CHIEF ECONOMIST SAYS BOC RATE WILL PROBABLY SETTLE AROUND SETTLE AROUND 3%-NEXT YEAR!

According to CIBC deputy chief economist Benjamin , the central bank is reaching an endpoint on rate hikes, with its trendsetting rate likely to stay around its current level for the first half of next year before ticking downwards again.  We are very, very close to the end of monetary tightening.”

The next scheduled interest rate  announcement by the BOC  will take place October 25.

The next question that I’m sure everybody’s asking is: When are they cutting?

“I say they will not cut interest rates before mid-2024: June, July, whatever the month is. By how much? That’s another conversation to have with clients. We started this at 1.75%. We went to zero, and then we went to [the current high], then we cut in mid-2024. To what? I say 3%.”