In 2024, we expect the most frequently asked question amongst Canadian investors will be, ‘are we there yet?’, with respect to interest rate cuts by the Bank of Canada (BoC). Our base-case scenario for the Canadian economy is a soft-landing in 2024, but we see risks skewed to downside, as tighter monetary policy weighs on growth. Employment, housing, and a potential global recession are the biggest threats to our outlook for Canadian growth, inflation, and interest rates.