1415 ET - Royal Bank of Canada chief economist Frances Donald and her team say they are cautiously optimistic about the Canadian outlook despite uncertainty swirling about US-Canada trade. She forecasts sub-2% growth this year and next but argues the economy is stronger on a per-capita basis amid stalled population growth. The commodity-rich provinces in western Canada are leading the charge on growth. RBC expects four Bank of Canada rate hikes next year, taking the policy rate to 3.25%, due to concern over higher energy prices and an improving economy. Still, Donald adds "there are growing risks that [the] first hike could come" later in 2026.