With signs that U.S. inflation has peaked, expectations are becoming more widespread for the Fed to begin tapering rate hikes as early as December ahead of a complete pause in mid-2023. The Bank of Canada’s whiff on an expected 75bp hike (to 50bp) added fuel to the “pivot sooner” prospects. A further 125bps of hikes over the next nine months should cause housing activity to cool further and perhaps more sharply than previously expected. Solid-wood producers will be most directly impacted by rate hikes and their attendant impacts ...
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