Rate Cuts 2024 Canada Government. The bank of canada today reduced its target for the overnight rate to 4½%, with the bank rate at 4¾% and the deposit rate at 4½%. The bank is continuing its policy.

The canadian economy is outperforming expectations. The fed said the cut lowers the federal funds rate into a range of 4.75% to 5%, down from its prior range of 5.25% to 5.5%, which had been its highest level in 23 years.