Tuesday August 6, 2024 | VICTORIA, BC
by Mary P Brooke | Island Social Trends
In this year 2024, there are three remaining scheduled Bank of Canada interest rate announcements:
Those 2024 dates are from September through December as follows:
- Wednesday, September 4
- Wednesday, October 23
- Wednesday, December 11
Economists and other attentive observers in business and politics are expecting to see at least one more interest rate decrease this year, given that inflation seems to be relatively under control within the Bank of Canada’s target range of 2% to 3%.
Other than households and businesses carrying variable interest rate financial services (loans and lines of credit), most people have not directly benefited from the two rate drops already seen this year:
- On June 5 the rate was dropped from 5% to 4.75%; and
- Then on July 24 the rate was dropped a further 25 basis points to 4.5%.
Credit card companies don’t automatically respond with interest rate reductions. People with fixed rate mortgages have not been impacted.
Looking ahead to 2025:
Meanwhile, today the Bank of Canada published its 2025 schedule for policy interest rate announcements and other major publications.
- Wednesday, January 29
- Wednesday, March 12
- Wednesday, April 16
- Wednesday, June 4
- Wednesday, July 30
- Wednesday, September 17
- Wednesday, October 29
- Wednesday, December 10
Time on the clock:
All interest rate announcements are scheduled to take place at 9:45 am Eastern time (6:45 am Pacific), and the Monetary Policy Report will be published concurrently with the January, April, July and October rate announcements.
===== RELATED:
- Bank of Canada drops interest rate for 2nd time in 2024 (July 24, 2024)
- Eby continues to target Bank of Canada about interest rates (July 17, 2024)
- First Bank of Canada rate drop in four years (June 5, 2024)
- NEWS SECTIONS: BUSINESS & ECONOMY | POLITICS