The Globe and Mail reports in its Wednesday, Jan. 10, edition that National Bank of Canada chief executive officer Laurent Ferreira says economic forecasts predicting interest rate cuts in 2024 are too optimistic, as concerns mount that persistently high rates will weigh even more on homeowners this year when swaths of mortgages come due for renewal. The Globe's Stefanie Marotta writes that mortgage renewals this year will force homeowners who locked in loans when interest rates were low in 2019 to adjust to the financial shock of the Bank of Canada's aggressive hike campaign over the past few years. While economists and analysts expect central banks to start lowering rates this year, Mr. Ferreira says that continuing geopolitical risks and the increasing costs of the energy transition could affect food prices and cause trade disruptions -- factors that would prop up inflation. Mr. Ferreira says: "We are expecting some rate cuts in Canada in 2024, but I do believe that a no-growth, persistent inflation scenario for the next few quarters is possible. That would prevent more aggressive cuts and earlier cuts as well from the central bank." The BOC said in December it had not yet ruled out further hikes.