The Bank of Canada has cut its overnight lending rate from 4.5% to 4.25%, marking the third rate cut this year. This move aims to manage inflation, which has slowed to 2.5%. The rate cut makes borrowing cheaper for Canadians, benefiting homeowners with variable rate mortgages. TD Economics predicts further rate cuts, potentially lowering the rate to 2.50% by the end of 2025.
For more details, you can read the full article here: (https://stories.td.com/ca/en/article/bank-of-canada-rate-announcement-september-2024).
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