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Bank of Canada lowers key interest rate to 4.5%
Posted on July 29, 2024 |
The Bank of Canada lowered its key interest rate for the second consecutive time to 4.5%, warning that achieving 2% inflation may be challenging.
The quarter-point rate cut was driven by reduced price pressures and a slowing economy.
The central bank aims to prevent the economy and inflation from weakening more than expected.
The Bank of Canada cautions that reaching the 2% inflation goal will not be straightforward.
Economic conditions and inflation forecasts influenced the central bank's decision.
Future rate cuts will depend on economic trends and progress toward the 2% inflation target.