After six consecutive rate holds, the Bank of Canada lowered its key interest rate to 4.75 per cent in its fourth update of the year on the morning of Wednesday, June 5."With continued evidence that underlying inflation is easing, the Governing Council agreed that monetary policy no longer needs to be as restrictive and reduced the policy interest rate by 25 basis points," the Bank said in a.
The BoC held its key rate at 4.5 per cent — precisely as experts predicted — until June 7, when it was raised to 4.75 per cent. On July 12, the BoC raised the key rate to 5 per cent, with the bank rate at 5.25 per cent, and on September 6, it announced that it was holding those rates.they believed the 5 per cent key rate will be held until mid-2024, when the BoC will trigger a cycle that lowers it. And that's precisely what happened.Ratehub.
So far, Laird has correctly predicted all three rate holds for the year. He'd suggested that those following the BoC's announcements focus more on its commentary.Laird said that with a rate cut, it will be interesting to see if heat returns to the real estate market across the country."Perhaps a quarter-point cut will not be enough to fuel the fire," stated Laird.
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