Upcoming Bank of Canada Announcement: Predictions and Implications for Interest Rates

July 24th is just around the corner. Why is that such an important date well that's the date that the Bank of Canada is going to announce whether or not they're reducing the interest rate. I'm predicting that the rate will go down .25% even though the inflation rate actually went up. I've said this before, and I'll say it again that the Bank of Canada needs to stop using interest rates to control inflation. I know that there is a lot of speculation that the rates will hold steady and no drops will occur however the fallout from that could be devastating to many people who are expecting a rate reduction just prior to their mortgage renewals. I would love to hear your thoughts on what you are expecting on the 24th.

• FAISAL SUSIWALA
• July 23, 2024