A number of financial experts and institutions expect inflation to ease over the course of 2023, spurring the Bank of Canada to cut interest rates by year-end. Canada finance economy interestrates inflation
A number of financial experts and institutions expect inflation to ease over the course of 2023, spurring the Bank of Canada to cut interest rates by year-end.. Conducted in Q4 2022, the results are based on responses from roughly 30 financial market participants, including senior economists and strategists at banks, pension funds, asset management firms, and insurance companies.
Jean-François Perrault, Senior Vice-President and Chief Economist at Scotiabank, took a more reserved stance in anIn contrast, Rennie Intelligence provided a more positive prediction. Afrom the Vancouver-based market insight group forecasts an initial 25-basis-point cut in the summer, followed by two additional cuts in the fall, bringing the year-end policy rate to 3.75%.
Respondents to the BoC survey puts annual total CPI inflation at 2.9% at the end of 2023, and 2.2% by the end of 2024, while Scotiabank expects inflation to average about 4% this year and hit the BoC’s 2% target in mid-2024.
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