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Brodie Charania Wealth Advisory

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CIBC Private Wealth

November 01, 2023

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Rates remain unchanged today, but additional hikes aren’t off the table


The US Federal Reserve (the Fed) announced it’s holding the target range for the federal funds rate at 5.25% - 5.5% during the Federal Open Market Committee’s (FOMC) statement today.
 

CIBC Capital Markets confirms resilience is the keyword to describe the US economy lately as recent indicators suggest economic activity expanded in the third quarter (July to September). The US has seen a recent surge in consumer spending and job gains in the US labour market remain strong as the unemployment rate remains low.
 

The FOMC remains aware of inflation risks and maintained its data-dependent approach in today’s statement. This leaves the door open to further tightening and rate increases if need be—and there will likely be a need for an additional increase this year. CIBC Capital Markets expects the Fed to increase rates by 25 basis points (bps) during its next meeting in December. Tighter financial and credit conditions for both households and businesses are likely going to weigh on economic activity, the labour market and the rate of inflation to some extent. An additional rate increase could help the Fed continue its fight against inflation in hopes of bringing the rate back to its target of 2%.
 

At CIBC Private Wealth, we take a comprehensive approach to managing, building and protecting your wealth. If you'd like to discuss this market and economic update in more detail or have questions about your investments, please get in touch with me any time.

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CIBC Private Wealth” consists of services provided by CIBC and certain of its subsidiaries through CIBC Private Banking; CIBC Private Investment Counsel, a division of CIBC Asset Management Inc. (“CAM”); CIBC Trust Corporation; and CIBC Wood Gundy, a division of CIBC World Markets Inc. (“WMI”). CIBC Private Banking provides solutions from CIBC Investor Services Inc. (“ISI”), CAM and credit products. CIBC Private Wealth services are available to qualified individuals. Insurance services are only available through CIBC Wood Gundy Financial Services Inc. In Quebec, insurance services are only available through CIBC Wood Gundy Financial Services (Quebec) Inc.


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