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A committee of economists that closely follows the Bank of Canada is deeply divided on where the Canadian economy is headed over the next year, providing a window into the difficulty Mark Carney faces in charting a course back to a more normal interest rate setting.

The club in question is the Toronto-based C.D. Howe Institute’s Monetary Policy Council, which publishes an interest rate recommendation a week ahead of the Bank of Canada’s official announcements.

Mr. Carney, the Bank of Canada Governor, will update his policy stance Wednesday after a week of deliberations with his deputies on the Governing Council and central...

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