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J.P.Morgan and Goldman Sachs now expect the Bank of Canada to keep policy rates unchanged at 5% for the second straight month, as data on Tuesday showed the country’s inflation rate eased in September.

Both brokerages had earlier expected one last 25-basis-point interest rate hike on Oct. 25.

While J.P.Morgan said it expected the terminal rate to reamain at 5%, economists at Goldman highlighted the “risk of an incremental hike at future meetings.”

Kenya walking ‘tightrope’ due to debt strains: JPMorgan

The Bank of Canada has hiked rates 10 times since early 2022 to fight inflation.

Canada’s annual inflation rate unexpectedly slowed to 3.8% last month and underlying core measures also eased, prompting markets and analysts to trim bets for another rate hike next week.

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