Rate Cuts 2024 Canada Inflation. Members of the bank of canada's (boc) governing council were concerned about cutting borrowing costs too soon amid persistent inflation when they decided to keep the key overnight rate on. Last week, macklem reiterated that officials could cut rates by 50 basis points or more if inflation and the economy slowed.

Bank of canada governor tiff macklem has said it’s “reasonable” to expect further interest rate cuts as long as inflation continues to cool according to the central bank’s forecasts. Inflation in canada fell to the slowest yearly pace since february 2021 and core measures continued to ease, keeping the door open for larger interest rate cuts from the bank of canada.