Here are the Key Points from Bank of Canada with Todays Rate Cut:
- Interest Rate Cut: The Bank of Canada reduced the Key Interest Rate to 4.5%
- Global Economy: Expected to grow by about 3% annually until 2026, with Gradual inflation decrease
- U.S and Europe: US Economy is slowing with decrease inflation, while Europe is seeing better growth
- China: Moderate economic growth supported by strong exports
- Canada’s Economy: Grew by 1.5% in the first half of the year; unemployment rate rose to 6.4%
- Future GDP Growth: Expected to increase in late 2024 and 2025, driven by exports, household spending, and business investment
- Inflation: Easing, with core inflation expected to slow to around 2.5% in the second half of 2024 and stabilize around 2% next year
- Monitoring & Adjustments: The Bank of Canada will continue to monitor the economy and adjust policies as needed.
Full article from Bank of Canada @ https://www.bankofcanada.ca/2024/07/fad-press-release-2024-07-24/
