Rate cuts less than 7 months away?

Institutional traders believe the Bank of Canada is approaching a cul-de-sac on rates. Overnight index swaps price in two full cuts by October and almost one more in December.

It wouldn't be the first time this year that markets made this "prediction," so to speak. The difference now is that an array of economic warning indicators are suddenly flashing red. South of the border, for example, real-time GDP projections have abruptly plunged.

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