Bank of Canada meeting —
At its 29 January 2025 meeting, the Bank of Canada lowered its policy rate from 3.25% to 3.00%.
Decision
cut — 3.25% to 3.00%
Key passages
The Bank of Canada today reduced its target for the overnight rate to 3%, with the Bank Rate at 3.25% and the deposit rate at 2.95%. The Bank is also announcing its plan to complete the normalization of its balance sheet, ending quantitative tightening.
Canada’s labour market remains soft, with the unemployment rate at 6.7% in December.
Meeting documents
Background reading
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