Bank of Canada cuts policy rate by 50bp
Governor says further cuts likely as bank puts emphasis on keeping inflation stable
The Bank of Canada reduced its policy rates by 50 basis points on October 23.
The target for its overnight rate is now 3.75%, the bank rate is 4% and the deposit rate is also 3.75%.
“Our focus now is very much on keeping inflation close to the target,” said governor Tiff Macklem, adding that there would be fluctuations. However, he said there was also a clear consensus that the bank had needed to “take a larger step” with its latest decision.
“We’re coming out the other side, and I think Canadians
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