19:48:43 EDT Thu 31 Oct 2024
Enter Symbol
or Name
USA
CA



Toronto-Dominion Bank
Symbol TD
Shares Issued 1,774,766,030
Close 2024-02-07 C$ 79.78
Market Cap C$ 141,590,833,873
Recent Sedar Documents

Globe says CIBC, rivals hear BOC policy has its limits

2024-02-07 07:25 ET - In the News

See In the News (C-CM) Canadian Imperial Bank of Commerce (CIBC)

The Globe and Mail reports in its Wednesday, Feb. 7, edition that monetary policy cannot solve Canada's housing affordability problem or boost the country's longer-term economic growth prospects, Bank of Canada Governor Tiff Macklem said Tuesday. The Globe's Mark Rendell writes that Mr. Macklem said the central bank's aggressive interest-rate hikes over the past two years have pushed up mortgage payments for many homeowners. However, he argued that shelter inflation -- now the biggest driver of consumer price index growth -- is primarily the result of long-standing imbalances in the housing market. Mr. Macklem said, "Housing affordability is a significant problem in Canada -- but not one that can be fixed by raising or lowering interest rates." He added: "Housing supply has fallen short of housing demand for many years. There are many reasons why: zoning restrictions, delays and uncertainties in the approval processes, and shortages of skilled workers. None of these are things monetary policy can address." Toronto-Dominion Bank senior macro strategist Robert Both says Mr. Macklem's comment suggests that the path back to the BOC's 2-per-cent inflation target "is likely to be slow and risks remain."

© 2024 Canjex Publishing Ltd. All rights reserved.