The Globe and Mail reports in its Thursday edition that CIBC Capital Markets economist Benjamin Tal says the "market is right to assume that the Fed and the Bank of Canada are done raising interest rates." The Globe's Jennifer Dowty writes that Mr. Tal says: "The Canadian economy is basically in a per-capita recession, and we have a situation in which economic growth is very close to zero. The only reason why GDP growth is still above zero is because of the population growth." He says it is different in the United State because its "economy is relatively strong but inflation is starting to trend downward." As a result, he figures "that both central banks are done" hiking rate. Mr. Tal doubts that we will see a rate cut until some time after April. He says both the Fed and the BOC will have to make sure that inflation is definitely dead before they cut interest rates. Mr. Tal says: "The [BOC] would prefer to overshoot relative to undershoot because when you overshoot, you can always compensate by cutting interest rates. When you undershoot you have to deal with inflation and inflation is very difficult to deal with." He sees the BOC cutting rates in the "second half of the year by roughly 150 basis points in 2024."