“We think the BoC is falling farther and farther behind the curve. It would be the highest overnight rate since before the Great Recession, with an overnight rate at 3.0%. The bank sees the overnight rate hitting 2.5% by the end of 2022 and rising another 50 basis points (bps) in Q1 2023. Bank of Canada Overnight Rate Forecast To Hit 3%Ĭanadian interest rates are forecast to soar over the next few months. They feel the BoC kept rates too low for too long, and now needs to play catch up. The bank acknowledges it’s an aggressive call, but it’s needed to control inflation. Scotiabank now sees the Bank of Canada (BoC) overnight rate hitting 3.0% by next year. ![]() ![]() One of Canada’s largest banks just made the most aggressive interest rate forecast yet.
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