Interest Rates Are Too High & Coming Down Soon

Описание: TD Bank's economics team warns the Bank of Canada risks causing undue economic harm unless central-bank officials are prepared to put less weight on shelter costs when judging inflation. Shelter costs, which rose 6.2% in January from a year ago, have accounted for half of total Canadian inflation. TD Bank estimates that Canada inflation, when calculated like the Federal Reserve's preferred core PCE gauge, would be at 2.1%. Unless BOC cuts by over 3 percentage points this year. Further, TD calculates that rent inflation shows no sign of ebbing given a huge undersupply of housing units. Shelter inflation "isn't going away no matter how quickly it decides to cut rates,"

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