The Bank of Canada cut its key policy rate by 25 basis points on Wednesday, bringing it to three per cent. Here is the text of the central bank’s decision.
The Bank of Canada today reduced its target for the overnight rate to three per cent, with the Bank Rate at 3.25 per cent and the deposit rate at 2.95 per cent. The Bank is also announcing its plan to complete the normalization of its balance sheet, ending quantitative tightening.
Since the scope and duration of a possible trade conflict are impossible to predict, this MPR provides a baseline forecast in the absence of new tariffs. The Canadian dollar has depreciated materially against the U.S. dollar, largely reflecting trade uncertainty and broader strength in the U.S. currency. Oil prices have been volatile and in recent weeks have been about $5 higher than was assumed in the October MPR.
The Bank forecasts GDP growth will strengthen in 2025. However, with slower population growth because of reduced immigration targets, both GDP and potential growth will be more moderate than was expected in October.
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