Global economic momentum gained a step relative to expectations but, even so, the Bank of Canada ("BoC") and European Central Bank began rate-cut cycles; the first G7 central banks to do so. The BoC cutting the policy rate for the first time this cycle was good news for an economy coping with the highest policy rate in over twenty years. The Canadian economy should benefit from interest rate relief, but overall economic momentum is forecast to remain subdued as indebted consumers continue to adjust.