On Wednesday the Bank of Canada reduced its target for the overnight rate to 4¾ per cent, with the Bank Rate at 5 per cent and the deposit rate at 4¾ per cent.
The global economy grew by about 3 per cent in the first quarter of 2024 and economic growth in Canada resumed in the first quarter of 2024 after stalling in the second half of last year.
Inflation eased further in April, to 2.7 per cent. Indicators of the breadth of price increases across components of the consumer price index have moved down further and are near their historical average. However, shelter price inflation remains high.