Canada’s central bank has cut interest rates for the fifth consecutive time as the country’s economy grows at a slower rate than projected.
The 50-basis-point cut comes Canada’s economy grew by one per cent in the third quarter of 2024, and the fourth quarter is looking weaker than projected, according to the Bank of Canada.
“Monetary policy no longer needs to be clearly in restrictive territory,” said Bank of Canada governor Tiff Macklem in a statement.
Macklem noted consumer spending and housing activity both picked up as a result of lower interest rates.
https://www.ctvnews.ca/business/bank-of-canada-drops-key-interest-rate-1.7141225