Bank of Canada cuts rates for first time in four years as inflation eases
Al Jazeera
After keeping rates at a more than two-decade high of five percent, the BoC said indicators for underlying inflation improved.
The Bank of Canada has trimmed its key policy rate by 25 basis points to 4.75 percent, in a widely expected move that marked its first cut in four years, and said more easing was likely if inflation continued to ease.
After keeping interest rates at a more than two-decade high of 5 percent for almost a year, on Wednesday the BoC said the indicators for underlying inflation looked increasingly positive.
“With further and more sustained evidence underlying inflation is easing, monetary policy no longer needs to be as restrictive,” Governor Tiff Macklem said in his remarks after the announcement.
Financial markets immediately priced in a 42 percent chance of a cut to 4.5 percent next month, and a cut in September was fully priced in. A majority of economists polled by Reuters had expected Wednesday’s cut.
The Canadian dollar pared its early gains and weakened by 0.4 percent to 1.3733 to the United States dollar, or 72.98 US cents after the decision.
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