Quote:
Originally Posted by The Fonz
Correct, and CIBC Prime rose today from 3.95% to 4.70%.
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Well then that’s weird because the guy you quoted was using the term incorrectly and was talking about the BoC overnight rate. Sure seemed like there was confusion.
Also, no Cibc did not raise their prime rate. It was already at 4.7. Most FIs have been at 4.7 for a month or more.
Quote:
Originally Posted by Shazam
I refer to prime as BoC rate, since banks are free to set their own "prime", and even then, there's often a business prime and a pleb prime.
Prime.
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Yeah no that’s not how that works. You can’t just choose to use the wrong terminology to describe something because you alone feel like it. Unless you’re in the media, then it’s expected.