The Bank of Canada will cut its overnight rate by 25 basis points for a third straight meeting on Sept. 4 and again in October and December, faster...
BENGALURU - The Bank of Canada will cut its overnight rate by 25 basis points for a third straight meeting on Sept. 4 and again in October and December, faster reductions than previously thought, according to a majority of economists canvassed in a Reuters poll.
At the July monetary policy meeting, Governor Tiff Macklem hinted at shifting the focus of policy to boosting the economy rather than taming inflation. That was a shift from a near-90% majority in a July survey expecting the rate to be 4.00% or higher by year-end. The U.S. central bank will reduce interest rates by 25 basis points at each of the remaining three meetings of 2024, according to a separate Reuters poll. Markets are currently pricing over 100 bps of Fed rate cuts this year.
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