{"id":23649,"date":"2024-04-04T11:11:00","date_gmt":"2024-04-04T18:11:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=23649"},"modified":"2024-03-22T10:06:38","modified_gmt":"2024-03-22T17:06:38","slug":"the-bank-of-canada-indicated-that-a-rate-cut-is-indeed-imminent","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/04\/the-bank-of-canada-indicated-that-a-rate-cut-is-indeed-imminent\/","title":{"rendered":"The Bank of Canada Indicated That A Rate Cut is Indeed Imminent"},"content":{"rendered":"

The Bank of Canada (BoC) released its latest summary of deliberations this week, and, in a welcomed turn of events, has finally given Canadians a clue about rate cuts to come.<\/p>\n

Although the Bank is maintaining (as it has for some time) that it\u2019s \u201cstill too early\u201d to consider lowering the policy interest rate, it also said that \u201crecent inflation data suggested monetary policy is working largely as expected,\u201d which bodes well for cuts to come.<\/p>\n

\u201c[Governing Council] members agreed that if the economy evolves in line with the Bank\u2019s projection, the conditions for rate cuts should materialize over the course of this year,\u201d the BoC said on Wednesday. \u201cHowever, there was some diversity of views among Governing Council members about when there would likely be enough evidence that these conditions were in place, and how to weight the risks to the outlook.\u201d<\/p>\n

As for the housing piece of the puzzle, Governing Council has reportedly \u201cexpressed concern that the housing market continued to pose upside risks to the inflation outlook,\u201d and members have \u201cdiscussed how they should consider the impact of persistently high shelter cost increases, which could make it more difficult to get inflation all the way back to 2%.\u201d<\/p>\n

The Bank also indicated that they recognize that rate hikes \u201chave pushed up mortgage interest costs,\u201d which have, in turn, driven up shelter price inflation. They expect higher mortgage interest costs to persist given the mortgage renewal cycle.<\/p>\n

But the effect of that cycle isn’t expected to have a \u201cpermanent\u201d effect on CPI inflation: \u201cMembers agreed that if mortgage interest costs were the only component holding up inflation, there could be some capacity to look through them, so as not to unduly restrain economic activity to get headline inflation back to 2%,\u201d the Bank said.<\/p>\n

\u201cHowever, this was not the current situation,\u201d it added. \u201cMost components of shelter inflation, such as rent and expenses related to home ownership (including insurance, taxes, and repairs), were still rising significantly in January. Moreover, recent data had made it clear that inflationary pressures were still broad-based, and underlying inflation had yet to show sustained downward momentum.\u201d<\/p>\n

With all of this said, the consensus amongst experts is that a rate cut is coming \u2014 and sooner rather than later. BMO’s Douglas Porter says that a cut next month isn\u2019t out of the question, while RBC\u2019s Claire Fan forecasts that the first cut of the cycle will come by mid-year. Although BoC Governor Tiff Macklem and his gang continue to be coy when it comes to specific timings, Wednesday’s deliberations seem to indicate that they will soon be ready to show their cards.<\/p>\n

Bank of Canada : Interest Rate Cuts Likely \u201cOver The Course Of This Year\u201d<\/a> by Zakiya Kassam | Storeys<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bank of Canada (BoC) released its latest summary of deliberations this week, and, in a welcomed turn of events, has finally given Canadians a clue about rate cuts to … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,13],"tags":[],"class_list":["post-23649","post","type-post","status-publish","format-standard","hentry","category-mortgage","category-real-estate"],"yoast_head":"\nThe Bank of Canada Indicated That A Rate Cut is Indeed Imminent • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2024\/04\/the-bank-of-canada-indicated-that-a-rate-cut-is-indeed-imminent\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta 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