By Canadian Press

Bank of Canada to release interest rate decision, economic forecast today

Oct 23, 2024 | 1:02 AM

OTTAWA — The Bank of Canada is set to make its latest interest rate decision this morning.

The central bank has lowered its key policy interest rate three times so far this year to bring it to 4.25 per cent.

Economists and financial markets widely expect another rate cut today, but the question remains by how much.

Most observers are expecting a half-percentage-point cut, but some expect the central bank to stick with a more measured quarter-point cut.

The Bank of Canada will also release is updated forecast for the economy in its monetary policy report.

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Statistics Canada reported last week that the annual inflation rate fell to 1.6 per cent in September, dropping below the Bank of Canada’s target of two per cent.

This report by The Canadian Press was first published Oct. 23, 2024.

The Canadian Press