With many economists predicting further interest rate hikes by the Bank of Canada next month, at least one strategist is predicting the cycle will could end shortly.

Warren Lovely, chief rates strategist at National Bank Financial, is predicting an economic slowdown by the end of the year and into 2024, and when that happens, he believes the Back of Canada will then begin bringing the rates down.

“That will set up a situation where we’re taking back the rate hikes,” he told BNN Bloomberg Tuesday.

“I think what we can expect is as inflation does get under control, as the economy cools – as we believe it will – it will have an opportunity for lower interest rates down the road.”

The Bank of Canada hiked rates to 4.75 per cent on June 7 as the bank tries to reign in inflation. With the next announcement scheduled for July 12, many economists have predicted further hikes could be on the way.

Lovely, however, believes another pause is not too far off.

“Individually, Canadians are struggling, if you look at GDP per capita, consumption per capita, individual households are retrenching and that’s telling you that the interests that we have already are working and we might not need to go necessarily that much further,” he said.