The Bank of Canada might be realizing that they may have gone too far. The Bank today made another big move and will reduce the overnight rate by 0.50%. Prime will drop to 5.45% (previously 5.95%).
At the eighth(last) announcement of 2024 and for the fifth time this year the Bank of Canada today decided to reduce the overnight rate. Prime will fall to 5.45%.
The next scheduled date for announcing the overnight rate target is Jan 29, 2025.
https://www.bankofcanada.ca/2024/12/fad-press-release-2024-12-11/