September 4, 2024 - Continuing its policy of balance sheet normalization, the Bank of Canada decided to reduce the policy interest rate this morning by a further 25 basis points. Excess supply in the economy continues to put downward pressure on inflation (Currently at 2.5% July) while price increases in shelter and some other services are holding inflation up. Governing Council is carefully assessing these opposing forces on inflation.
The next scheduled date for announcing the overnight rate target is October 23, 2024.
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