Bank of Canada Cuts Key Rate to 4.5 Percent, Says Further Cuts ‘Reasonable to Expect’

Published on July 24, 2024

OTTAWA—The Bank of Canada cut its interest rates for the second time in 2024, bringing its key rate to 4.5 percent. The Bank of Canada reduced its 4.75 percent benchmark interest rate by 25 basis points on July 24, noting that core inflation has been below 3 percent for several months. “If inflation continues to ease broadly in line with our forecast, it is reasonable to expect further cuts in our policy interest rate,” Bank of Canada Governor Tiff Macklem told reporters. Mr. Macklem said the bank lowered the rate because its monetary policy has been successful in easing high prices, and Canada’s economy now has “more room to grow without creating inflationary pressures.”...

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