Fitch expects the first Bank of Canada rate cut in April 2024

I posted earlier on the agency's outlook for the US economy and the Federal Reserve:

• Fitch still expecting US recession, in H1 2024. Also expecting 1 more Fed rate hike.

Also from Fitch were comments on Canada:

• reduced its GDP forecasts for this year and next, to 1.1% and 0.7%, respectively
• said Q2 2023 GDP was weaker than expected, partly due to temporary factors such as wildfires and strikes
• “Underlying growth momentum is weak as past tightening takes its toll on domestic demand”

And its BoC outlook, saying they don't the Bank will need to raise rates any further from the current 5%:

• “Nevertheless, with inflation set to remain above target through 2024, we think the Bank will not rush to cut rates, with the first cut coming only in April next year.”

Bank of Canada interest rate indications