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OTTAWA, July 22 - The Bank of Canada is widely expected to cut its key overnight rate on Wednesday for a second time in as many months, after recent data showed a further easing of consumer price inflation, restrained spending and a lackluster economic outlook.
"A rate cut is likely to be delivered," said Taylor Schleich, rates strategist at the National Bank of Canada, adding that he also expected the central bank to reiterate its message that future cuts will be based on incoming data. The BoC will announce its monetary policy decision on July 24 at 9:45 a.m. ET . It will also release the quarterly Monetary Policy Report, which will include fresh forecasts on 2024 economic growth and inflation. Economists expect them to be lower than previous forecasts.
The bulk of the growth has been attributed to an immigration-led rise in population, rather than any inherent strength of the economy. In its latest Monetary Policy Report in April, the bank estimated growth in 2024 would come in at 1.5% and 2.2% in 2025.
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