02/09/2024
With Bank of Canada holding its interest rate increase today, below are what the banks forecast on the Overnight Rate.
Note that most of the banks' Prime Rate is the BoC Rate plus 2.2%.
Today's Prime Rate is 7.2%.
This means we should see a rate drop of approx. 1% by 2024. At least there is a light at the end of the tunnel.
Your thoughts?