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.
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