Bank of Canada makes a BIG move and REDUCES overnight rate by 0.50%, Prime will drop to 5.95% (previously 6.45%).
At the seventh announcement of 2024 and for the fourth time this year the Bank of Canada today decided to reduce the overnight rate. Prime will fall to 5.95%.
The next scheduled date for announcing the overnight rate target is Dec 11, 2024.
https://www.bankofcanada.ca/2024/10/fad-press-release-2024-10-23/