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📉 Bank of Canada Lowers Interest Rates! 📉 The Bank of Canada has cut its key overnight rate by another 25 basis points, bringing it down to 4.5%. This move aligns with market expectations and signals a continued effort to manage inflation. Governor Macklem indicated potential for future rate cuts if inflation eases as forecasted. The Canadian economy shows signs of decelerating growth, with excess supply suggesting inflation pressures will continue to reduce. However, some areas, like cost of living and dining out, still see elevated inflation due to high wage growth. Despite these challenges, there's evidence that inflation is starting to ease. Rent price growth has halted in major markets, and CPI growth from mortgage costs is expected to slow as interest rates decline. The BoC forecasts core inflation will slow to 2.5% in the second half of 2024, aiming for a 2% target by 2025. The bottom line: The Bank of Canada is focused on bringing interest rates back to normal levels as we see signs of slowing inflation. We anticipate more rate cuts this year, stay tuned for more updates.