Bank of Canada could cut interest rates by early 2024 if it goes by the rising jobless rate, says CIBC. Read more
There was a time when it was self-evident, said the economists. The Bank would look at whether
would run above or below its estimate for Canada’s non-inflationary potential — something known as the “output gap.”, supply chain disruptions and productivity lags of the COVID-19 pandemic. “The reality is that the output gap hasn’t been a useful tool, or a guide to forecasting BoC rate decisions, since the fall of 2021,” said Shenfeld and Jaffery. “Understanding what has replaced it is therefore key for financial market participants.”— have become a much more reliable indicator of excess demand or supply than the “ever-vacillating measure of the output gap,” they argue.
As evidence that these measures were gaining importance, the Bank began including labour market indicators in its monetary policy reports. On this front there have been definite signs of improvement, at least from the perspective of the inflationary battle.There was an error, please provide a valid email address.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc.
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