Key Takeaways:
- The Bank of Canada (BoC) just announced its third rate cut this year, bringing its overnight lending rate down to 4.25%
- The BoC’s lending rate serves as the benchmark that banks and other financial institutions use to set interest rates for products such as mortgages and loans
- TD Economics believes the central bank will continue to gradually reduce rates throughout 2024 and into 2025
- The BoC has two more scheduled