Posthaste: Soft landing for Canada's economy is becoming 'a distant prospect,' economists say

and there was speculation the Bank would pause its most aggressive cycle in a decade at 3.25 per cent.

RBC, which had previously forecast a 25 bps hike in October, now expects a 50 bps increase next month and another 25 bps in December to take the rate to 4 per cent, up from its previous forecast of 3.5 per cent. RBC expects recessions in Canada, the U.S., eurozone and U.K. in the year ahead. In Canada, the downturn should be moderate with the jobless rate rising 1.7 percentage points from trough to peak over the next year and a half, it predicts.

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