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Bank of Canada Cuts Key Rate to 3.75% Amid Declining Inflation
2024-10-24
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BSG News: Bank of Canada Cuts Key Rate to 3.75% Amid Declining Inflation
On October 23, 2024, the Bank of Canada reduced its key lending rate from 4.25% to 3.75%, marking its fourth consecutive cut since June. This decision follows a decrease in Canada’s inflation rate from 2.7% in June to 1.6% in September, paving the way for further rate reductions to support economic stability.
Looking ahead, the central bank anticipates inflation will stabilize around 2% through 2026, with economic growth expected to rebound in 2025 and 2026 as interest rates decrease, providing relief for Canadians facing high borrowing costs.
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