It’s a big week for central banks.by half a point on Dec. 7, the U.S. Federal Reserve, Bank of England and European Central Bank are all expected to follow suit this week with their own 50-basis-point hikes.
In a recent note entitled “Past the peak,” Josh Nye, senior economist at RBC, predicts that “peak policy rates are in sight.” Even though Canada is expected to fall into recession in the first half of 2023, “excess demand and above-target inflation will keep the BoC from reacting to that slowdown as quickly as it has in past cycles,” he said.
Others see relief coming sooner. Desjardins economists forecast the Bank of Canada will cut to 3.75 per cent by the fourth quarter of 2023, with the rate sinking to 2.5 per cent by the end of 2024.Article contentGlobally inflation is starting to ease from its multi-decade highs. Oil prices have fallen to year-to-date lows on concerns that a slowdown is approaching and this will help ease headline inflation.
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