The outlook for Bank of Canada policyCT: Our baseline remains two cuts for this year, one probably in October versus December. Globally, the combination of slower hiring, trade uncertainty and weak business investment means recession risks are elevated, particularly in Canada, the U.K. and parts of the Eurozone. Weaker global growth, trade uncertainty and tighter financial conditions are headwinds for both EM equities and bonds. In Canada, growth will remain weak. For investors, it means slower growth and more uncertainty, but also opportunities in diversified, balanced portfolios.