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Canada GDP (Jan. 2024)

The broad-based strength of GDP growth in January and February means the economy almost certainly outperformed the Bank of Canada’s expectations in the first quarter and reduces the immediate risk of leaving interest rates in restrictive territory. That makes an interest rate cut in April seem even less likely but, if the inflation data show a clearer downward trend in the coming months, as we expect, then a June cut is still on the table.

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