CIBC CEO Dodig says multiple rate cuts this year are unlikely
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CIBC CEO Victor Dodig does not expect multiple rate cuts this year. He believes that economic conditions will soon merit action by the Bank of Canada and other central banks, but their reductions are unlikely to be particularly aggressive. Dodig predicts that the back half of this year is likely to see a rate cut, possibly two, in major developed economies like Europe, Canada, and the United States. His predictions differ from the median estimate of economists who expect 100 basis points of cuts by the Bank of Canada's December meeting. CIBC, heavily exposed to Canada's mortgage market, has seen its clients take action to address negative amortization on their mortgages.

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https://www.bloomberg.com/news/articles/2024-04-04/cibc-s-ceo-makes-bearish-prediction-for-this-year-s-rate-cuts