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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

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8 January 2018

Canada’s biggest banks expect a rate hike on January 17

Five out of six biggest Canadian banks expect the central bank to raise its key lending rate this month, as the unemployment rate fell to its lowest level in a long time.

Bank of Nova Scotia, RBC, TD Bank, and the Canadian Imperial Bank of Commerce decided to change their predictions following a Statistics Canada’s report showing the jobless rate surprised everyone by dropping to 5.7% last month from 5.9% in November due to 78,600 new added jobs.

“With such a great progress at the labor market, recently discussed by the Bank of Canada, we believe this report is enough” for the Governor Stephen Poloz to raise rates on January 17, CIBC economist Nick Exarhos said.

According to RBC economist Josh Nye, the jobs numbers “increase the odds for a rate hike by the central bank at its next meeting”.

Bank of Montreal was the only one to keep waiting. Economist Robert Kavcic said the BoC could increase the rate in case the Bank’s survey, released on Monday, also showed strength. “We’ll see what the Business Outlook Survey shows,” - he noted.

The survey results were released on Monday and found that overall business conditions in Canada had practically returned to the summer’s high level. It means we can say that all six banks expect the BoC to raise its overnight rate on January 17.

 

 

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