Why haven't GIC rates changed since the BoC rate increase of .25% | GIC discussions | Discussion forum

NCC1701Z said
All the rates here look about the same as before  

GIC and mortgage rates often change prior to the actual BoC rate announcements because the FIs anticipate or predict which way the trends are going. If you look back to the summer GIC rates, you will see that they are generally lower than they are now, but have increased gradually without any BoC rate increases, in anticipation of a later increase, which we have now gotten. It kind of follows that old financial adage, "buy the rumour, sell the news." By the time the new rate is announced, the increase has already been priced in. Of course, the BoC could sometimes surprise the market, resulting in a more reactive rate adjustment.