It’s a massive interest rate cut from the Bank of Canada.
In its fifth consecutive reduction since June, the BOC has lowered its key interest rate by half a percentage point to 3.25 per cent.
In a statement, BOC Governor Tiff Macklem says the central bank opted for two large rate cuts in a row because inflation and economic growth don’t need to be restricted anymore.
He adds the focus is now on keeping the rate where it is.
Be the first to know! Don’t miss out on breaking news and daily updates in your area. Sign up to MyNelsonNow News Alerts.
