Bank of Canada Lowers Key Rate to 4.75 Percent, Expresses ‘Confidence’ Inflation Will Continue Slowing

Bank of Canada Lowers Key Rate to 4.75 Percent, Expresses ‘Confidence’ Inflation Will Continue Slowing
Governor of the Bank of Canada Tiff Macklem participates in a news conference in Ottawa on May 9, 2024. The Canadian Press/Justin Tang
Matthew Horwood
Updated:
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OTTAWA—The Bank of Canada has slashed interest rates for the first time in more than four years, bringing its key rate to 4.75 percent.

Canada’s central bank reduced its 5 percent benchmark interest rate by 25 basis points June 5, claiming its monetary policy no longer needs to be as restrictive.