Bank of Canada cuts policy rate to 3.25%, citing weaker growth, labour market
For the second consecutive meeting, the Bank of Canada (BoC) on Wednesday reduced its main policy rate by half a percentage point, lowering it to 3.25 per cent. The central bank attributed this decision to weaker-than-expected economic growth and a softening labour market.
In its final policy decision of 2024, the central bank reduced its target for the overnight rate to 3.25 per cent, down from 3.75 per cent, marking the fifth consecutive rate cut. The benchmark interest rate was at 5 per cent at the beginning of 2024.
Attribution: BoC