Economists Split On “Robust” GDP Delaying Interest Rate Cuts

“If this strength in activity is close to replicated into Q2, the BoC will see much less urgency to cut rates any time soon,” said BMO's Douglas Porter.It’s been a long road on the interest rate front, but these days do have a light-at-the-end-of-the-tunnel twinge, as markets have been pricing the first cut of the cycle for June. However, Canada’s latest GDP reading — it came out, and shows a stronger-than-anticipated 0.6% rise in January and an estimated 0.

“Labour market conditions also continue to weaken into early 2024 as the unemployment rate edged higher, and separately reported job vacancies for January from this morning continued to decline,” Fan also said. “All told, we retain our assessment that the economic backdrop remains weak, and continue to look for the Bank of Canada to start cutting interest rates in June.

It’s worth noting that the BoC, at long last, has contributed their two bits to the rate cut conversation. In its, released last week, the Bank said that the “conditions for rate cuts should materialize over the course of this year” — if the economy evolves in line with its projection, that is.

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