Bank of Canada to cut rates on July 24, then twice more in 2024: Reuters poll

The Bank of Canada will cut its overnight interest rate on Wednesday by 0.25% amid expectations that inflation will continue to fall, according to a large majority of economists polled by Reuters.

With the economy slowing and unemployment edging higher, the central bank is then expected to cut rates twice more in 2024, although only a slim majority of economists are forecasting two additional rate cuts by the end of this year, with risks tilted toward fewer rate cuts rather than more.

The BOC directly affects variable rates only, but fixed rates have also been known to move in the same direction. 

Read the BOC article