Interest Rate Cuts 2024 Canada News. Bank of canada governor tiff macklem has opened the door to stepping up the pace of interest rate cuts, the financial times reported on sunday. The bank of canada started reducing the benchmark overnight rate in june, and has since lowered it by 25 basis points at its july and september meetings, bringing the rate to 4.25% from 5% at the peak of the hiking cycle.
Economists see the bank of canada cutting interest rates for a third consecutive meeting next week, continuing what’s anticipated to be a steady downward. The strengthened canadian mortgage charter, announced in budget 2024, sets out the expectations of financial institutions to ensure canadians in mortgage.