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Bank of Canada cuts rates, sees weaker economy in 2024
Macro Matters
Bank of Canada cuts rates, sees weaker economy in 2024
By Promit Mukherjee and David Ljunggren
July 24, 202412:03 PM EDT • Updated a day ago
Summary
• BoC cuts key interest rate by 25 basis points to 4.5%
• Trims 2024 GDP forecast to 1.2% from 1.5%
• Central bank says future rate cuts to be data-dependent
OTTAWA, July 24 (Reuters) - The Bank of Canada on Wednesday trimmed its key interest rate by 25 basis points for the second month in a row, bringing it to 4.5%, and said more reductions in borrowing costs were likely if inflation continued to cool in line with forecasts.
The central bank had kept its policy rate at a two-decade high of 5% for almost a year in a bid to combat high inflation. ... In contrast, the European Central Bank kept rates unchanged last week after it cut them in June.
{snip}
Bank of Canada cuts rates, sees weaker economy in 2024
By Promit Mukherjee and David Ljunggren
July 24, 202412:03 PM EDT • Updated a day ago
Summary
• BoC cuts key interest rate by 25 basis points to 4.5%
• Trims 2024 GDP forecast to 1.2% from 1.5%
• Central bank says future rate cuts to be data-dependent
OTTAWA, July 24 (Reuters) - The Bank of Canada on Wednesday trimmed its key interest rate by 25 basis points for the second month in a row, bringing it to 4.5%, and said more reductions in borrowing costs were likely if inflation continued to cool in line with forecasts.
The central bank had kept its policy rate at a two-decade high of 5% for almost a year in a bid to combat high inflation. ... In contrast, the European Central Bank kept rates unchanged last week after it cut them in June.
{snip}