To the surprise of no one, both the Bank of Canada and the US Federal Reserve lowered their headline interest rate by 1/4 of a % (that’s 25 basis points if you want to be fancy about it).

Official statement from BoC sets the policy rate at 2.5%, down from 2.75%.

Official statement from the US Fed lowers the “target range for the federal funds rate by 1/4 of point”, which puts the range between 4.0% and 4.25%¹

Anyway, to the DIY investor, this will no doubt lower the rates available by the HISA providers, last captured here. A quick spot check shows no change yet², but that won’t last, I predict. The rates have now been lowered and I’ve updated the September table accordingly. The next meetings for these orgs happens at the end of October, so this means stability for the next 6 weeks on the interest rate front.

1. why is it range? I have no idea. ↩︎
2. insert joke about “banker’s hours” here ↩︎