According to Jinshi, BMO Capital Markets lowered its forecast for US economic growth this year from 2.4% to 2.2%, and believes that this provides another reason to push the Bank of Canada to cut interest rates on June 5. Chief economist Doug Porter said this is the first time the company has lowered its US economic growth forecast in some time. He further pointed out that the upward surprise in the United States "seems to be coming to an end", which may mean that the Federal Reserve will cut interest rates in the second half of 2024. Porter believes that the weakness of the US economy should ease the Bank of Canada's concerns about policy differences with the Federal Reserve and potential weakness of the Canadian dollar.