Bank of Canada Announces 2024 Interest Rate Decision Schedule

Mark Your Calendars: Key Rate Announcement Coming July 24

Bank of Canada to Release Policy Interest Rate Decisions and Monetary Policy Report Throughout the Year

Attention all financial news enthusiasts and Canadians impacted by interest rates! The Bank of Canada has unveiled its 2024 schedule for policy interest rate announcements and the release of the quarterly Monetary Policy Report. Mark your calendars for Wednesday, July 24, 2024, when the Bank of Canada will reveal its critical decision on the target for the overnight rate.

The Bank of Canada's decision will have a significant impact on Canadians and the economy. The overnight rate is the interest rate at which financial institutions lend money to each other overnight. A higher overnight rate typically leads to higher interest rates on loans and mortgages, while a lower rate can boost economic growth by making borrowing more affordable.

In addition to the interest rate announcement, the Bank of Canada will also release a press release providing a brief explanation of its decision. The release will also include information on the Bank's current economic outlook and assessment of inflation risks.

The Bank of Canada's next interest rate announcement is highly anticipated, as the central bank has indicated that it is considering further interest rate cuts in 2024. Last week, the Bank published a summary of its deliberations for its June 5 rate decision, which revealed that officials at the central bank discussed waiting longer to lower rates. However, the Bank's recent economic outlook suggests that it may still be willing to cut rates in the coming months.