Interest Rates: Immediate Rates (< 24 Hours): Prime Rates: Total for Canada
IRSTPI01CAM156N • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7.20
Year-over-Year Change
13.83%
Date Range
1/1/1960 - 12/1/2023
Summary
The Prime Rate in Canada is a short-term interest rate used as a benchmark for consumer and business loans. It is an important indicator of the overall cost of credit in the Canadian economy.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Prime Rate is the interest rate that major Canadian banks charge their most creditworthy customers for short-term loans. It serves as a reference point for other lending rates and is closely watched by economists, policymakers, and market participants.
Methodology
The Prime Rate data is collected and published by the Bank of Canada.
Historical Context
The Prime Rate is a key input for monetary policy decisions and influences broader credit conditions in Canada.
Key Facts
- The Prime Rate is set by major Canadian banks.
- It typically moves in tandem with the Bank of Canada's key policy rate.
- The Prime Rate influences a wide range of consumer and business loans.
FAQs
Q: What does this economic trend measure?
A: The Prime Rate in Canada is a short-term interest rate that major banks charge their most creditworthy customers for loans.
Q: Why is this trend relevant for users or analysts?
A: The Prime Rate is a key benchmark for the broader cost of credit in the Canadian economy and is closely watched by policymakers, economists, and market participants.
Q: How is this data collected or calculated?
A: The Prime Rate data is collected and published by the Bank of Canada.
Q: How is this trend used in economic policy?
A: The Prime Rate is a crucial input for monetary policy decisions and influences broader credit conditions in Canada.
Q: Are there update delays or limitations?
A: The Prime Rate data is published regularly by the Bank of Canada with minimal delays.
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Citation
U.S. Federal Reserve, Interest Rates: Immediate Rates (< 24 Hours): Prime Rates: Total for Canada (IRSTPI01CAM156N), retrieved from FRED.