, CIBC Senior Economist Andrew Grantham cautions that further rate hikes could be a misstep on the bank’s part.
Focussing solely on that 15% growth rate, Grantham acknowledges that it’s easy assume that rate hikes are yet to meaningfully dampen consumer spending. “Households aren’t on average eating out more often or going on an extra vacation to make up for the pandemic years. Rather, it is simply a normalisation of activity following a very abnormal period.”
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