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The Bank of Canada lowered its benchmark interest rate to 3.75% due to declining inflation.
2024-10-24
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BSG News: The Bank of Canada cuts its benchmark interest rate to 3.75% due to declining inflation.
On October 23, 2024, the Bank of Canada lowered its benchmark lending rate from 4.25% to 3.75%, marking the fourth consecutive rate cut since June. This followed a decline in Canada's inflation rate from 2.7% in June to 1.6% in September, paving the way for further rate cuts to support economic stability.
Looking ahead, the central bank expects inflation to stabilize at around 2% by 2026, and economic growth is projected to rebound in 2025 and 2026 as interest rates fall, thus easing the high borrowing costs faced by Canadians.
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