Most Canadians don't pencil in U.S. Federal Reserve meetings on their calendars. But if they want to understand what's influencing their mortgage costs, they might consider it for 2024.
At Wednesday's meeting, #FOMC# members voted unanimously to keep America's top policy rate at 5.50%.
That should matter to mortgagors, given Canada's prime rate and the Fed funds rate are as synced up as Celine Dion's backup singers – a 93% correlation, to be precise.
Similarly, U.S. yields are like the North Star to Canadian yields, and that turned out to be a good thing on Wednesday.