Bank of Canada Lowers Key Interest Rate to 4.25 Percent

Published on September 4, 2024

OTTAWA—The Bank of Canada reduced its key interest rate for the third time in 2024, bringing it to 4.25 percent. “Headline and core inflation have continued to ease as expected,” Bank of Canada Governor Tiff Macklem said in his opening remarks announcing the rate change on Sept. 4. “As inflation gets closer to target, we want to see economic growth pick up to absorb the slack in the economy so inflation returns sustainably to the 2 percent target.” Inflation slowed further to 2.5 percent in July, with “overall weakness” in Canada’s economy pulling prices down, according to Macklem. Canada’s inflation rate previously sat at 2.7 percent in June, 2.9 percent in May, and 3.4 percent in December 2023....

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