The Bank of Canada has lowered its overnight rate target to 4.75%
Posted by Umang Thakkar on
The Bank of Canada has lowered its overnight rate target to 4.75%, with the Bank Rate at 5% and the deposit rate at 4.75%. They are still working on normalizing their balance sheet.
In the first quarter of 2024, the global economy grew by about 3%, matching the Bank's predictions. The U.S. economy grew slower than expected due to weak exports and inventories. In the euro area and China, the economy grew more than anticipated, although China's domestic demand was still weak. Inflation in advanced economies is decreasing, but progress is uneven. Oil prices and financial conditions have remained stable since April.
In Canada, the economy grew by 1.7% in the first quarter of 2024 after stalling late last year, though this was slower than…
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