According to Oxford Economics, the Bank of Canada's interest rates may be trimmed for the first time this year after the start of the Covid epidemic and a series of surprise hikes last year. The five percent rate was initially announced in July 2023. Later, the interest rate remained at 5%.
According to Oxford Economics, interest rates will remain at 5% until mid-2024, after which they will fall to 4.25 percent by the end of the year. According to Oxford Economics, it may take several years for rates to gradually rise to a neutral level of 2.25 percent.