Rate Cuts 2024 Canada. The bank of canada today reduced its target for the overnight rate to 4¾%, with the bank rate at 5% and the deposit rate at 4¾%. The global economy is expected to continue expanding at.
With gdp contracting and the jobless rate ticking higher, economists who watch the central bank expect the bank will start to cut its rate sometime in 2024. While forecasters have consistently predicted at least three bank of canada rate cuts in 2024 since early this year, the chance of a fourth reduction in borrowing.