01:56 PM EST, 11/22/2024 (MT Newswires) -- Avery Shenfeld noted there's some upside risk to CIBC's Q3 GDP forecast, but he said we're not likely to see a figure topping the Bank of Canada's 1.5% projection. He added what will be more of interest is the September GDP pace, and what that says about Q4 momentum.

CIBC still sees the November employment data, due in early December, as an "important piece" to the Bank of Canada's thinking about the appropriate size of an expected December rate cut. Without that data in hand, CIBC doesn't expect Deputy Governor Mendes to give markets any hints in his remarks in the week ahead. Mendes speaks before the Greater Charlottetown Area Chamber of Commerce on Tuesday morning.

(Also on the CIBC calendar for release next week is the Q3 Current Account Balance and September Payrolls data on Thursday.)

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