02:00 PM EST, 12/06/2024 (MT Newswires) -- According to Avery Shenfeld, the jump in the unemployment rate had the market come around to CIBC's view that the Bank of Canada will deliver a 50 bp rate cut in the week ahead, which should come as no surprise at this point. Shenfeld noted this isn't an announcement with a new monetary policy report or forecast, so he doesn't expect a lot of detail on the outlook. He said the BoC's official statement could cite the mix of positive (stronger final domestic demand in Q3) and negative (soft overall GDP in Q3, rising unemployment etc.) signposts on growth and inflation, while still suggesting that the most likely outcome will entail further interest rate relief in the coming year, with no specifics on the pace or magnitude. Shenfeld expects the Q&A session to include questions on the impact of recent fiscal moves (GST holiday and one-time cheques) and the downside impacts of uncertainties over US trade policies, and how the Bank is factoring those forces into its views

(Also on the CIBC calendar for release next week is Building Permits data for October next Thursday; and then on Friday will come both Manufacturing Shipments and Wholesale Sales data for October, and Q3 Capacity Utilization.)

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