Benjamin Tal, the deputy chief economist at Canadian Imperial Bank of Commerce (CIBC), predicts that the Bank of Canada (BoC) will likely cut interest rates again in September 2024, following its recent 25-basis-point reduction. He suggests that economic indicators support further rate cuts, noting the BoC’s dovish stance and favourable inflation outlook. Tal anticipates another 50 basis points of cuts by the end of the year, citing potential economic slowdowns in both Canada and the US. He also discusses the implications for Canada’s housing market, suggesting mixed impacts across different segments. Overall, he sees the BoC’s recent actions as signalling a shift away from previous rate hike intentions, reflecting a more accommodative monetary policy stance. read more