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Bank of Canada Preview: Omicron Throws Rate Hike Forecasts into Question

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While markets are pricing in the first Bank of Canada rate hike by March, some economists say the uncertainty of the new Omicron Covid-19 variant could put that timing into question.

“Omicron threatens to delay some [central bank rate hikes], but market pricing is still generally ahead of our expectations for tightening next year,” noted RBC senior economist Josh Nye.

Bank of Canada Deputy Governor Lawrence Schembri said as much in a speech last month: “There’s a lot of uncertainty about the timing of the closing of the output gap, so one should be careful not to assume it’s necessarily going to be the second quarter.”

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Jon Nichols

Jon Nichols
CIR Realty
Phone: 403.302.0800
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Denise Nichols

Denise Nichols
CIR Realty
Phone: 403.302.9498
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Asebree Rephotography Joel Nichols Century21 3

Joel Nichols
CIR Realty
Phone: 403.357.7680
Email: