Bank of Canada 2024 Interest Rate Announcement Schedule

Bank of Canada's Policy Rate Announcement Dates in 2024

The Bank of Canada (BoC) has released its policy interest rate announcement schedule for 2024. The BoC will announce its decision on the target for the overnight rate on the following Wednesdays:

• January 24, 2024
• February 28, 2024
• March 14, 2024
• March 28, 2024
• April 25, 2024
• June 6, 2024
• July 24, 2024
• September 5, 2024
• October 24, 2024
• December 5, 2024

Impact of BoC Monetary Policy on Interest Rates

The BoC's policy decisions have a significant impact on interest rates in Canada. When the BoC raises the target for the overnight rate, it generally leads to higher interest rates on mortgages, loans, and other financial products.

Recent Interest Rate Decisions and Future Expectations

After holding its benchmark interest rate steady in its final three decisions of 2023, the BoC reduced the target benchmark interest rate to 4.75% on June 5, 2024. The next BoC interest rate decision is scheduled for July 24, 2024.

Current expectations among economists and market analysts suggest that the BoC may continue to lower interest rates in 2024 as inflation eases and economic growth slows.