Rate Cuts 2024 Canada News. 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%. Forecasters are expecting rate cuts from the bank of canada in 2024, but there are risks to the inflation outlook that could put that timeline in jeopardy.
The bank of canada’s key interest rate fell by 25 basis points on wednesday, a move that will immediately be felt by canadians with variable rates of debt. Policymakers led by governor tiff macklem lowered the benchmark overnight rate by 25 basis points to 4.75% on wednesday, as widely expected by markets and.