Another major mortgage lender has revised downwards its forecast for Canada’s economy. CIBC’s outlook is for just 1.4 per cent growth this year following the weaker-than-expected GDP figures for the first quarter released last week. Although chief economist Avery Shenfeld notes that commodity prices should pick up, global demand will be weaker. On interest rates he does not expect another cut from the Bank of Canada. That’s assuming the Fed increases the US rate in the fall which should keep the loonie roughly where the BoC wants it to be and removing the need for a further cut in domestic interest rates. 

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