Weekly Market Update – For the Week Ended December 20, 2024
1) Bank of Canada Cuts Interest Rates Again
The Bank of Canada reduced its benchmark interest rate by 50 basis points to 3.25%, marking its fifth consecutive rate cut. This move aims to boost consumer strength and stabilize the economy as inflation slows. While further cuts are expected, they may be more gradual, depending on economic data.
2) Canadian Markets Dip
The S&P/TSX Composite Index declined last week, led by losses in the Communication Services sector. However, declining inflation and lower interest rates could provide a favorable environment for growth in the coming months.
3) Celebrating Yalda Night in Canada
On December 20, Iranian-Canadians gathered to celebrate Yalda Night, one of the most cherished Persian traditions. This special night, the longest of the year, is filled with family, friends, poetry, and delicious treats like pomegranates and watermelons.
Yalda Night is more than a celebration; it’s a moment for reflection, warmth, and planning for the future. At Safavi Financial, we honor traditions like Yalda that bring communities together. As you reflect on this special occasion, take a moment to set financial goals for the coming year.
What This Means for Canadians
With interest rates falling, now is a good time to explore opportunities to reduce borrowing costs, adjust investment strategies, and plan for potential changes in economic conditions.
At Safavi Financial, we’re here to help you navigate these shifts and make the most of the evolving financial landscape. Let’s work together to secure your financial goals.
