In late 2023, the Bank of Canada signalled it was done raising interest rates to fight inflation. The central bank then started to reduce rates in the second half of last year. This led to a rebound in rate-sensitive stocks, but Telus missed the party. Price wars among the Canadian mobile and internet providers, combined with revenue declines at Telus Digital (Telus International), offset the benefit of lower interest charges. This is why Telus saw its share price decline to below $20 by the end of last year.