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Another major bank in Canada is pushing back its forecast for when the Bank of Canada will begin hiking its benchmark interest rate.

CIBC said on Monday that it now predicts the bank won’t hike its key rate, which affects everything from mortgages to car loans, until the third quarter of 2014.

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“Back in December 2011, we projected no rate changes for the Bank of Canada in either 2012 or 2013, but left a placeholder for rate hikes to begin in early 2014,” said Avery Shenfeld, chief economist of CIBC World Markets Inc. “Weaker than expected growth in the latter half of 2012 has widened the output gap, and inflation has surprised enough to the downside to push that date off.”

Pushing back rate hike forecasts has become a popular pastime for economists, as weaker than expected economic numbers in Canada and around the world have tempered expectations.

The U.S. Federal Reserve has made it clear that it is not contemplating a rate hike until sometime in the middle of 2015. One year ago, many Canadian economists saw the Bank of Canada hiking its own rates much sooner than that. But now the forecast gap is closing.

According to Reuters, half of Canada’s primary dealers have pushed back their forecasts for the timing of a rate hike, with the median prediction now being the first quarter of 2014. Some economists, such as those at Scotiabank, forecast that the Bank of Canada is unlikely to hike until at least 2015.

Mr. Shenfeld’s own forecast predicts that when the bank does hike in the third quarter of 2014, it will hike by 25 basis points, followed by another 25 bp hike later in the year.