🏦Awaiting BoC interest rate decision 📈U.S. inflation surges by 9.1% 📱Rogers pledges five days of service credits Here's what you need to know today:
to hike its target for the overnight rate three-quarters of a point to 2.25 per cent today. Just days ago, economists at J.P. Morgan and BofA said there’s still a chance of a full-point hike. If the bank delivers either of those moves, it would be the biggest hikeThe stakes are high for an economy that’s already cooling — most specifically in the housing market, where FOMO has subsided.
“It will take time for higher rates to feed through more noticeably to economic activity and for that cooler demand to eventually feed through to lower inflation. Therefore, the Bank of Canada is in no position to pivot just yet. Instead, expect policymakers to drop some breadcrumbs about the potential for an earlier pause than markets expect.”“What is different about this meeting is that a hike to 2.25 per cent now puts the Bank firmly inside the pre-communicated “neutral zone”.
, the International Energy Agency trimmed its demand-growth forecasts for this year and 2023, while cautioning that “rarely has the outlook for oil markets been more uncertain.”After initially pledging two days’ worth of service credits to its subscribers, Rogers Communications yesterday said it will more than double that to five days.
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