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❗"Jumbo" rate cut tomorrow?
Ahead of the Bank of Canada’s October 2024 rate decision, explore key factors like inflation, GDP, and housing, and predictions for a potential "jumbo" cut.
Recap Team
October 22, 2024
Good afternoon!☀️ Tomorrow's interest rate announcement is highly anticipated. Will the Bank of Canada stick to 0.25% cuts, or will they opt for a more aggressive move of 0.50% or even 0.75%? It’s a complex decision that is based on various factors.
Our latest blog breaks it all down for you in under 4 minutes.
⚡ October 2024 Bank of Canada Rate Decision: Key Factors and Predictions
The Bank of Canada’s interest rate decisions shape Canada's economy. They are aimed at balancing inflation control with economic growth. As the October 23, 2024 announcement nears, speculation is mounting: will rates rise, fall, or remain steady?
From March 2022, the Bank of Canada began raising the overnight rate to combat inflation, increasing it from 0.25% to a peak of 5.00% in July 2023. The rate remained unchanged until June 2024. Since then, the Bank has announced three consecutive cuts, bringing the current rate to 4.25%.
In this blog, explore the key factors influencing the next decision.