Bank of Canada Expected to Cut Rate in 2024

Forecasts Suggest 0.75% Decrease in Overnight Rate

Inflation Expected to Return to Target

OTTAWA, April 10, 2024 - The Bank of Canada is widely expected to announce a 0.75% decrease in its overnight rate on Wednesday, April 10. This would mark the third rate cut in 2024, as the central bank attempts to bring inflation back to its target of 2%.

Despite signs that inflation remains stubbornly high, officials at the Bank of Canada have indicated that they still expect to cut their key interest rate three times this year. This is based on the expectation that inflation will return to the target range by the end of 2024.

The interest rate announcement will be followed by a press release explaining the Bank of Canada's decision in more detail. The next scheduled date for an interest rate announcement is June 11, 2024.