The Financial Post reports in its Tuesday edition that while the Canadian economy might skirt a recession, it will have to overcome a wave of mortgage refinancings that will pick up dramatically in 2024, also known as a "mortgage cliff." The Post's Denise Paglinawan writes that economist Jean-Francois Perrault at Scotiabank said a study on mortgage renewals from the Bank of Canada suggested that cliff may not be such a big deal after all, given the resilience of the Canadian consumer. "It's easy to overplay how worrisome this kind of renewal wave will be," Mr. Perrault said. Closely tied to the question about recession is whether the BOC will cut interest rates in 2024, and if so when and how far? While Mr. Perrault says Scotiabank is of the view that rates will get cut in the second part of this year, he adds it was possible that BOC Governor Tiff Macklem could be forced to increase at some point between now and the summer. With core measures of inflation stuck at the 3.5-per-cent range, and strong wage gains being generated in labour markets, there is a chance the dragon has not been slayed after all. "It's not inconceivable at all," he said. "And he's been very clear about the fact that he might need to do this."