The Financial Post reports in its Saturday, April 6, edition that Canadian Imperial Bank of Commerce chief executive officer Victor Dodig does not expect a flurry of interest-rate cuts any time soon. A Bloomberg dispatch to the Post reports that Mr. Dodig said he is dubious of multiple cuts this year. Mr. Dodig thinks that economic conditions will soon merit action by the Bank of Canada, citing rising unemployment and slower year-over-year wage growth, as well as inflation edging closer to the 2 per cent target. While policy-makers probably will not wait for that goal to be reached before cutting rates, he said, their reductions are unlikely to be very aggressive. Mr. Dodig said, "I think we're going into a world where the back half of this year is likely to see a rate cut -- maybe two -- in these major developed economies." His comments reflect growing doubts about how quickly borrowing costs will fall in 2024, given better-than-expected growth. Still, his predictions are at odds with the median estimate of economists in last month's Bloomberg survey, who expect 100 basis points of cuts by the BOC's December meeting. Traders in overnight swaps are pricing in between 50 and 75 basis points of cuts by that time.