The Globe and Mail reports in its Thursday, July 18, edition that this coming Wednesday is the next opportunity for the Bank of Canada to change its benchmark overnight rate. The Globe's Rob Carrick writes that the overnight rate was cut by a quarter percentage point to 4.75 per cent in June, a notable event that has only rippled to a limited extent through the nation's personal finances. A second cut next week would confirm the trend of falling rates and thus offers the potential for more of an impact. Inflation unexpectedly blipped higher in May, raising concerns that the BOC might not cut rates on July 24. However, this week's report on inflation in June showed the pace of price increases pulling back once again. As of midweek, financial markets assessed a 91-per-cent likelihood of a rate cut coming up. The economy needs lower rates because growth is lukewarm and consumer spending is weighed down by high borrowing costs. Another rate cut by the BOC would grease the way for lower rates in bonds, and that in turn would blaze a path for lower mortgage rates. A BOC rate cut would provide room for rate cuts on a wider range of vehicles. If you have been holding off buying a new vehicle, more customer-friendly market conditions are coming.