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Last week, the Federal Reserve held borrowing costs steady, but forecasts show a consensus that rate cuts will occur in 2024. Jerome Powell, the Federal Reserve’s chair, said that policymakers were turning their attention to when they should cut down on rates as inflation continued descending closer to its target 2% goal.

Meanwhile, the Bank of Canada’s three-month moving average of the trim and median core rates slowed to 2.96% in October, which was within the central bank’s inflation control range of 1-3% for the first time since March 2021.

“We are certainly feeling more confident that monetary policy is working and increasingly the conditions are in place to get us back to 2% inflation,” said Macklem.

“We’re not there yet. There are a few more things we need to see to be more confident that we’re headed back to 2% and we’re watching those closely,” he added.

Macklem also stated that he believed that borrowing costs were unlikely to fall back to their pre-pandemic levels.

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