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CIBC Private Wealth

October 11, 2022

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Boat sailing into the storm

Fall 2022 economic outlook—Recession on the way?


"We’re still hopeful that…two years of minimal economic growth as opposed to an outright deep recession is possible. The central banks are right now still in the process of finding out what interest rate it’s going to take in order to get us there."
Avery Shenfeld
Managing Director and Chief Economist, CIBC Capital Markets

Avery has been with CIBC since 1993, and is widely recognized as one of Canada’s leading economists for his perceptive analysis and insights on economic developments and their implications for financial markets. 

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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.


CIBC Private Wealth services are available to qualified individuals. The CIBC logo and “CIBC Private Wealth” are trademarks of CIBC, used under license.