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Canadian market experts see rates starting to drop in April - BoC survey

Published 02/05/2024, 10:53 AM
Updated 02/05/2024, 10:55 AM
© Reuters. FILE PHOTO: Governor of the Bank of Canada Tiff Macklem walks outside the Bank of Canada building in Ottawa, Ontario, Canada June 22, 2020. REUTERS/Blair Gable/FILE PHOTO

OTTAWA (Reuters) - Canadian market participants expect the Bank of Canada (BoC) to start lowering its key policy rate from a 22-year high of 5% in April, the same as their previous forecast, according to a survey released by the central bank on Monday.

© Reuters. FILE PHOTO: Governor of the Bank of Canada Tiff Macklem walks outside the Bank of Canada building in Ottawa, Ontario, Canada June 22, 2020. REUTERS/Blair Gable/FILE PHOTO

The bank's fourth-quarter survey of Canadian market participants, which includes economists and financial strategists, was conducted from Dec. 18 to Dec. 29 - before official data for December showed an acceleration in inflation.

By the end of 2024, the market experts' median forecast is for the policy rate to come down to 4%, the same as their forecast in the previous survey released in November.

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