The Bank of Canada (BoC) just announced its third rate cut this year, bringing its overnight lending rate down to 4.25% The BoC’s lending rate serves as the benchmark that banks and other financial institutions use to set interest rates for products such as mortgages and loans TD Economics believes the central bank will continue to gradually reduce rates throughout 2024 and into 2025 The BoC has two more scheduled announcements for this year: October 23 and December 11
Key Takeaways:
