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Bank of Canada Cuts Interest Rate for the Third Time: What It Means for You
On Wednesday, September 4, 2024, the Bank of Canada made headlines again with its third consecutive interest rate cut. As anticipated, the central bank reduced its benchmark rate by 25 basis points to 4.25%, reflecting ongoing easing of inflationary pressures.
This move aligns with predictions from economists, who had expected this adjustment due to slowing inflation, which dipped to 2.5% in July. Despite this positive shift, the Bank also highlighted weaker economic activity and stalled employment growth in recent months.
Governor Tiff Macklem indicated that if inflation continues to align with July’s forecast, further rate cuts are likely. This could mean more relief for borrowers and a continued push towards economic stabilization.
For detailed updates and analysis, keep an eye on Yahoo Finance Canada’s live blog.
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