What is the policy interest rate today?

The policy interest rate today is 3.25%.

When is the next policy interest rate announcement in 2024?

The last policy interest rate announcement for 2024 was on December 11. The Bank of Canada decided to cut its rate by 0.5% to 3.25%.

What will interest rates be in 2024 and 2025?

On December 11, 2024, the policy interest rate was cut to 3.25%. This was the fifth reduction since June 2024. The rate will remain unchanged until the Bank of Canada's next decision on January 29, 2025.

When is the next policy interest rate cut?

The Bank of Canada's next decision is on January 29, 2025, but no cut has been confirmed for the time being.

How does the policy interest rate influence inflation?

The mission of the Bank of Canada (BoC) is to support the Canadian economy by keeping inflation stable and predictable, with an inflation target of 2%. To do this, the BoC adjusts its policy interest rate. When necessary, it raises the rate to bring inflation down, while lowering it to bring inflation up.

Vincent Morin

Vincent achieved financial independence and retired early (FIRE) at the age of 35. After a career in financial technologies for a large American investment bank, he founded Retraite101, a personal finance site that reaches more than 350,000 unique visitors per year and has more than 30,000 subscribers on social media. Passionate about personal finance, cycling, reading and gardening, he continues to write to inspire and motivate Quebecers to take charge of their finances.

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