Canada: Q3 GDP shouldn’t change BoC trajectory – CIBC

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Canada: Q3 GDP shouldn’t change BoC trajectory – CIBC – by MSalordFX Canada Growth BOC Banks

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passing expectations of a 0.4% rate. Analysts at CIBC, point out that while headline growth was stronger than expected in the third quarter it shouldn’t change the trajectory for Bank of Canada policy. They continue to expect a final 50bp rate hike to a peak of 4.25%. “On the surface, the Canadian economy performed much better than expected in Q3, with GDP rising by 2.9% and representing only a modest cooling relative to the prior quarter.

“Domestic demand was actually lower than in the prior quarter, with that drop including an unexpected decline in consumer spending. Because of this, the stronger headline growth figure shouldn’t be a concern for the Bank of Canada, and we continue to see only a further 50bp of tightening to a peak interest rate of 4.25%.”Information on these pages contains forward-looking statements that involve risks and uncertainties.

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