06/05/2024
📉 Finally! After what feels like an eternity of rate hikes, the Bank of Canada has cut the policy interest rate by 25 basis points – their first rate cut in over four years! 😤✂️
“With continued evidence that underlying inflation is easing, the Governing Council agreed that monetary policy no longer needs to be as restrictive and reduced the policy interest rate by 25 basis points,” the Bank said in a release. “Recent data has increased our confidence that inflation will continue to move towards the 2% target. Nonetheless, risks to the inflation outlook remain.”
Let's recap this rollercoaster 🎢:
📌 2022: Seven interest rate hikes. SEVEN! 😳
📌 January 2023: Yet another increase, bringing the key rate to 4.5% 😩
📌 June 7: Raised to 4.75% 🙄
📌 July 12: Raised again to 5% 😤
📌 September 6: Rates held steady at 5% 🤷♂️
📌 And finally, today: A rate cut back to 4.75%! 🎉
After months of holding our breath through three consecutive rate holds this year, this cut is a tiny breath of fresh air. 🫣🍃
How are you feeling about this news? Relief? Skepticism? Let's hear it in the comments! 👇
