Big interest rate cuts this year? Ain’t gonna happen

News Snapshot:

Open this photo in gallery: Governor of the Bank of Canada, Tiff Macklem, speaking before the Canadian Club Toronto at the Royal York Hotel in Toronto on Dec. 15, 2023.Carlos Osorio/The Globe and Mail John Rapley is an author and academic who divides his time among London, Johannesburg and Ottawa. His books include Why Empires Fall (Yale University Press, 2023) and Twilight of the Money Gods (Simon and Schuster, 2017). Investors were disappointed this week that the Bank of Canada remained cagey as to when rate cuts will finally come. And they may be in store for more of this,...