Today's data were more naughty than nice, with monthly GDP pointing to little rebound in the economy in the fourth quarter following Q3's contraction.

While supply constraints, including most recently the US auto strike and St. Lawrence Seaway strike, continue to disrupt activity, there is evidence of weak domestic demand as well.

That weakness should see inflation ease more sustainably next year, and we still see a first interest rate cut from the Bank of Canada in Q2 2024.