National

BoC expected to lower interest rates again, with odds leaning toward larger cut

Darpan News Desk The Canadian Press, 09 Dec, 2024 11:40 AM

Financial markets and forecasters are betting on another jumbo interest rate cut from the Bank of Canada this week.

Statistics Canada's latest job report tilted expectations in favour of a larger cut.

The Friday report revealed the unemployment rate jumped to 6.8 per cent in November, up from 6.5 per cent a month earlier, as more people looked for work.

A half-percentage point interest rate reduction would bring the central bank's key interest rate to 3.25 per cent.

The Bank of Canada reduced its key interest rate by half a percentage point in October in response to inflation returning to target, but signalled the size of the next rate decision would be data-dependent.

Canada's inflation rate was two per cent in October.

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