The Bank of Canada has lowered its key interest rate to 4.75 per cent, marking the bank’s first rate cut since March 2020.

Economists were largely expecting the move. Bank governor Tiff Macklem said in published remarks that the bank’s monetary policy no longer needs to be as restrictive.

“We’ve come a long way in the fight against inflation. And our confidence that inflation will continue to move closer to the two per cent target has increased over recent months,” Macklem said.

Macklem and senior deputy governor Carolyn Rogers will hold a press conference explaining the decision at 10:30 a.m. ET. A livestream will be available in this story.

More to come.

Story by Jenna Benchetrit

Full Article: Bank of Canada cuts key interest rate to 4.75% (msn.com)