When this rate hike cycle began in early 2022, few envisioned Canada's overnight rate with a 5-handle—certainly not the 1 in 2 borrowers who chose floating rates at the time.
But that's precisely what we've got. Canada’s overnight rate just hit 5%, and more borrowers just hit the
The Bank of Canada needs to take out insurance tomorrow, and it's a safe bet it will.
The BoC is trying to contain at least four risks:
* Core CPI lingering in the 3% range
* Inflation expectations getting stuck in the 3% to 4% range
* Counter-productive housing momentum
* An employment resurgence.
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