TD with their outlook for the Bank of Canada, in summary:
- lifting our estimate for the BoC terminal rate from 3.50% to 4.00%
We are pencilling in 25bp moves from here on out (Oct/Dec/Jan) - a slower pace of tightening would be the wisest course of action for the BoC now that we are firmly in restrictive territory
- we look for the BoC to begin gradually removing stimulus. and so we still look for rate cuts beginning 2023 Q3
