The Bank of Canada has once again cut its key interest rate, this time by a half-percentage point to 3.75 per cent.
It also signaled its policy rate will likely continue falling in the coming months as inflation sits around the bank’s target of two per cent.
It’s the fourth time this year the central bank has lowered its key policy interest rate, which has a direct affect the cost of borrowing on things like variable rate mortgages and loans.
Bank of Canada governor Tiff Macklem says it’s been a long road back from high inflation since the COVID-19 pandemic.
Macklem adds high inflation and interest rates have been a heavy burden for Canadians who should now feel some relief.
Written by: K. Freeman with files from The Canadian Press
