Bank of Canada Announces 2024 Monetary Policy Schedule

Upcoming Interest Rate Decisions and Monetary Policy Reports

Capture Readers' Attention with a Compelling Headline

The Bank of Canada has unveiled its 2024 schedule for policy interest rate announcements and the release of its quarterly Monetary Policy Report (MPR). On Wednesday, July 24, 2024, the Bank will announce its decision on the target for the overnight rate. This rate serves as the benchmark for short-term interest rates in Canada.

The Bank implements monetary policy by influencing short-term interest rates. It adjusts the target for the overnight rate to manage inflation and support economic growth. The schedule also includes the dates for the release of the MPR, which provides detailed analysis of the Bank's economic outlook and monetary policy decisions.

The Bank's website offers a tool for comparing changes to the Bank Rate and the target for the overnight rate. This tool allows for a side-by-side analysis of the Bank's monetary policy actions.

In recent news, the Bank of Canada raised its target for the overnight rate to 2.5%, with the Bank Rate at 2.75% and the deposit rate at 2.5%. This decision was made to combat rising inflation and ensure price stability over the medium term.