Rate Cuts 2024 Canada 2024. The bank of canada today reduced its target for the overnight rate to 4¼%, with the bank rate at 4½% and the deposit rate at 4¼%. After cutting at its last two policy meetings, the bank of canada is likely to cut at least two more times this year — and possibly three, according to paul beaudry, a.

Trims 2024 gdp forecast to 1.2% from 1.5%; The boc said growth would increase in the second half.