Market Commentary: Peak rates?
- Capital Markets update
- Nov 3, 2023
- Paul Uffelmann, Vice President, Capital Markets
Data released this morning showed higher than anticipated unemployment rates for Canada and the US. This follows a series of softer economic data releases that point to slowing economies. Signs of slowdown coupled with a shifting tone from central bankers have resulted in a dramatic shift in market expectations on interest rates. On both sides of the border, the odds of additional rate hikes have dropped close to zero and cuts in the first half of next year are now anticipated. The 5-year GoC is currently ~3.8%, down from ~4.3% two weeks ago. We might be at the end of the rate hiking cycle. We can only hope!! Have a great weekend!!
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