Bank of Canada Interest Rate Announcement

Wednesday, July 24, 2024

The Bank of Canada is set to announce its latest interest rate decision on Wednesday, July 24, 2024.

The central bank has been raising interest rates in an effort to combat inflation, which has been running well above the Bank's 2% target. The Bank raised its key interest rate by 50 basis points in June, and it is widely expected to raise rates by another 25 basis points this month.

The Bank's decision will be closely watched by markets and businesses. A rate hike would likely put upward pressure on interest rates on loans and mortgages, which could slow economic growth. However, the Bank may also decide to pause its rate hikes, or even cut rates, if it believes that the economy is slowing too much.

The Bank's announcement will be made at 10:00 AM ET on Wednesday, July 24, 2024. The Bank will also release a Monetary Policy Report, which will provide more detailed information on the Bank's economic outlook and its plans for interest rates.