According to Jinshi, Capital Economics said that inflation data and the minutes of the Bank of Canada meeting released this week support the agency's view that there may be up to five rate cuts in 2024. Inflation slowed for the second consecutive month, and some core inflation indicators fell to their lowest levels in years. The minutes of the Bank of Canada's meeting showed that the central bank "at least began to recognize that it should ignore housing inflation to some extent." Retail sales data released on Friday were mediocre, and the labor market is expected to cool further. Capital Economics said that the case for rate cuts will become increasingly convincing, and these data provide a reason for the Bank of Canada to cut interest rates next month.