October 2024 Market Update from Canada Life Investment Management

Bank of Canada (BoC) announced its fourth rate cut amid falling inflation and slowing economic activity. BoC lowered its benchmark overnight interest rate by 50 basis points (bps) to 3.75%. Also, the BoC indicated its intentions to keep lowering interest rates, but will be dependent on market data.

Three other trends in October you need to know

1. U.S. domestic demand remains robust
2. IMF says public debt could reach US$100 trillion
3. Investors look for stimulus from China