Economists are placing their bets on the Bank of Canada cutting interest rates by 50 basis points, as the central bank prepares to announce its latest interest rate decision on Wednesday.

BoC officials are facing pressure to act as downside risks to the Canadian economy become more apparent.

“Markets have thrown down their 50-basis point chip on the poker table, betting that the Bank of Canada will deliver an interest rate cut of that magnitude,” CIBC chief economist Avery Shenfeld said in a note to clients.