January 24 Rate Announcement
Posted by Tanya Rocca on
Today, the Bank of Canada maintained its overnight rate target at 5%, with corresponding rates for the Bank Rate at 5.25% and the deposit rate at 5%. They are continuing with their quantitative tightening approach.
Globally, economic growth is slowing down, and inflation is gradually decreasing in most areas. The U.S. economy has been unexpectedly robust, but a slowdown is expected in 2024 due to reduced consumer spending and business investment.
For 2024 and 2025, the Bank predicts global GDP growths of 2.5% and 2.75%, respectively, following a 3% growth in 2023. Slower growth this year should lead to a gradual decline in inflation rates in advanced economies, aligning with central bank targets by 2025.
In Canada, economic growth has been…
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