As the CRE community in the US holds its breath awaiting another rate hike expected from the Fed, glimmer of hope emerged from an unexpected place: the Bank of Canada.
There was nothing hopeful about what Canada's central bank actually did on Wednesday: it enacted its seventh consecutive rate hike, a 50 bps increase, bringing the bank's target rate to 4.25%. It was what the bank's governors said immediately after the rate hike that has US investors crossing their fingers.
At a press conference after delivering a speech in Montreal, Bank of Canada Deputy Governor Sharon Kozicki signaled that a pivot is approaching.
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