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The Bank of Canada cuts rates for the first time in four years

The Bank of Canada (BoC) cut its key rate by 25 basis points to 4.75%, the first cut in four years, and said it expects further easing if inflation continues to decline.

After holding interest rates at 5%, the highest in more than two decades, for almost a year, the BoC said underlying inflation indicators are looking increasingly positive.

“With further and more lasting evidence that underlying inflation is slowing, monetary policy no longer needs to be so restrictive,” Gov. Tiff Macklem said in his keynote address following the announcement.

The Bank of Canada, as well as the Swedish Riksbank and the Swiss National Bank, is lowering rates that have weighed on families and businesses and slowed economic growth amid easing price pressures.

Financial markets indicate that the European Central Bank (ECB) is very likely to follow suit.

di Il Quotidiano Online

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