Bank of Canada set to announce third consecutive interest rate cut today

2 weeks ago 16

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Published Sep 04, 2024 • 1 minute read

A sign at the Bank of Canada building is seen in Ottawa, on Wednesday, July 24, 2024.

OTTAWA — The Bank of Canada will announce its interest rate decision this morning as forecasters expect it to deliver another quarter-point rate cut.

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Encouraged by slowing inflation, the central bank has lowered its policy rate at its last two meetings.

Its key interest rate currently stands at 4.5 per cent and governor Tiff Macklem has signalled the bank will continue to cut interest rates, so long as inflation continues to ease.

High interest rates have helped reduce price pressures this year, bringing Canada’s inflation rate down to 2.5 per cent in July.

Last week, Statistics Canada data showed the Canadian economy grew at a 2.1 per cent annualized pace in the second quarter, topping expectations from economists and the central bank.

However, real gross domestic product on a per capita basis shrank for the fifth quarter in a row, leading many economists to believe a rate cut is still likely.

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