Discover the latest economic update from the Bank of Canada, including a reduction in the overnight interest rate to 3.75%. Learn about the Bank’s forecast for GDP growth, inflation trends, and its impact on the Canadian economy. Stay informed on how this rate cut will influence consumer spending, the housing market, and business investments in the coming years.

The Bank of Canada today reduced its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is continuing its policy of balance sheet normalization.

On June 5, 2024, the Bank of Canada announced a reduction in its target for the overnight rate to 4¾%, with the Bank Rate now at 5% and the deposit rate also at 4¾%. This decision, part of the Bank’s ongoing balance sheet normalization policy, comes amidst a mixed global economic backdrop and signs of easing inflation in Canada.

The Bank of Canada has decided to maintain its target for the overnight rate at 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. This announcement is expected to add to the already strong real estate market in Toronto, which has seen increasing prices due to historically low levels of supply.

The Bank of Canada today increased its target for the overnight rate to 4¼%, with the Bank Rate at 4½% and the deposit rate at 4¼%. The Bank is also continuing its policy of quantitative tightening.

Inflation around the world remains high and broadly based. Global economic growth is slowing, although it is proving more resilient than was expected at the time of the October Monetary Policy Report (MPR). In the United States, the economy is weakening but consumption continues to be solid and the labour market remains overheated. The gradual easing of global supply bottlenecks continues, although further progress could be disrupted by geopolitical events.

The Bank of Canada today increased its target for the overnight rate to 3¾%, with the Bank Rate at 4% and the deposit rate at 3¾%. The Bank is also continuing its policy of quantitative tightening.

The Bank of Canada today lowered its target for the overnight rate by 50 basis points to 1 ¼ percent. The Bank Rate is correspondingly 1 ½ percent and the deposit rate is 1 percent.

While Canada’s economy has been operating close to potential with inflation on target, the COVID-19 virus is a material negative shock to the Canadian and global outlooks, and monetary and fiscal authorities are responding.

Bank of Canada announces interest rate decision | The Bank of Canada left its trend-setting interest rate unchanged at 1.75% on Wednesday as the sharp decline in oil prices temporarily dims its economic outlook for the coming months. Before long, however, the central bank expects the economy to expand with renewed vigour. More rate hikes, it stressed, will be necessary “over time”.