The economy will be worse in 2024 than expected, Bank of Canada Governor Tiff Macklem said yesterday. Macklem six weeks ago predicted there would be no recession but said now it cannot be ruled out.

“The data we have been receiving is showing that slowing,” Macklem told reporters. “In fact the economy has slowed a little more than we were predicting.”

“We expected a slowing,” said Macklem. “We’re seeing a little more slowing. It’s hard to be super precise why it slowed a little more.”

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