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“Given the loss of momentum we are seeing, the (Bank of Canada’s) prediction of a recovery to a one per cent pace into year-end is looking tenuous at best,” David Rosenberg, president of Rosenberg Research & Associates Inc., said in a note. “As if one per cent is anything to write home about when you consider what the (Bank of Canada) has already done,” referring to its series of interest rate cuts to 2.25 per cent from five per cent in June 2024.