🇨🇦 #BankofCanada cuts policy rate by 25 basis points❗️

Earlier: 🇨🇭Switzerland Surprises With Rate Cut, Moving Ahead of #ECB and #FED .

2 banks have already cut the rate. So it begins... 😁

Good morning : )

Recent reports suggest that investors expect that the Fed will cut interest rates soon.

Reports to be delivered today, June 7, 2024, may confirm or not confirm the market’s expectations.

While the #FederalReserve may observe these expectations, its vote in either direction next week will depend on its members' views and whether they agree that its existing policy is actually working. (I suspect that the Fed will announce similar wording as the Bank of England. Let’s hold, wait, and see.)

In the meantime, here is the recent #InterestRateDecision of overseas central banks:

On May 9, 2024, the Bank of England announced its “decision to hold interest rates at 5.25%.”

#BankofEngland added, “The progress we are seeing in the key economic data is encouraging, but we are not yet at the point of cutting interest rates” and “We need to see more evidence that inflation will stay low before we can do that.”

On June 5, 2024, the #BankofCanada “decided monetary policy no longer needs to be as restrictive and lowered the policy interest rate by 25 basis points to 4.75%.”

On June 6, 2024, the #EuropeanCentralBank said, “The Governing Council today decided to lower the three key ECB interest rates by 25 basis points.”

🇨🇦 Most Canadian financial institutions consulted by the Bank of Canada express skepticism about introducing digital currencies, citing existing digital payment services' efficiency and concerns about the impact on bank deposits and operational funds. 🏦💰 #Canada #DigitalCurrency #BankofCanada