Scotiabank bank analyst Meny Grauman warned clients that higher for longer interest rates hurts Canadian banks too,
“The ‘Higher for Longer’ rate scenario hit U.S. banks stocks hard on Friday, but the reality is that Canadian banks are also vulnerable to shrinking rate cut expectations. After all, it is not just U.S. markets that are walking back rate cut expectations … The ‘Higher for Longer’ rate scenario in the U.S.
“The 2024 budget is supposedly going to be about ‘fairness for every generation.’ Clearly there is an attempt here to resonate with the younger millennial cohort, which has been struggling with inflation and housing affordability challenges. But let’s not forget that their parents did, too. Boomers, the peak of which moved into their 30s in the late-1980s, grappled with deteriorating housing affordability amid rampant price growth and high interest rates.
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