Bank of Canada’s Rogers urges shift by banks on mortgage lending -Bloomberg News By Reuters

© Reuters. Carolyn Rogers, senior deputy governor of the Bank of Canada, attends a news conference in Ottawa, Ontario, Canada October 25, 2023. REUTERS/Patrick Doyle/file photo

(Reuters) – Bank of Canada Senior Deputy Governor Carolyn Rogers (NYSE:) said in an interview with Bloomberg News on Friday that the number of so-called “negative amortization” mortgages was concerning.

“A rate hike is on the table until we are really confident that we are clearly on the right track,” she said, adding that stronger-than-expected price pressures and excess demand could lead to a further rise in rates.

A slowdown in underlying inflation is the main condition necessary for policymakers to consider cutting rates, Rogers told Bloomberg, adding that officials would likely keep the threat of further hikes alive.

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