The Bank of Canada has leeway to end its interest-rate hiking cycle in coming months even if the U.S. Federal Reserve keeps pushing borrowing costs higher next year, according to economists.
The Bank of Canada has leeway to end its interest-rate hiking cycle in coming months even if the Federal Reserve keeps pushing borrowing costs higher next year, according to economists.
In the US, short-term money markets are betting that Chairman Jerome Powell will raise the Fed funds rate to between 4.75 per cent and 5 per cent. “The only reason that the Bank of Canada would be worried about diverging from the Fed would be the currency reaction,” Royce Mendes, head of macro strategy at Desjardins Capital Markets, said by email. “Given that there is already a material divergence priced into markets, the exchange rate should already have taken that into account.”
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