Bank of Canada cuts interest rate to 4.75 per cent, signalling end to historic hiking cycle

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The central bank set its overnight rate at 4.75 per cent, down 25 basis points from the five-per-cent level that had been in place since rates peaked in July 2023.

A slowing economy — GDP growth in the first quarter was 1.7 per cent on an annualized basis, trailing the Bank of Canada’s earlier forecast of 2.8 per cent and consensus economist predictions of 2.2 per cent — also suggested conditions for easing monetary policy were largely in place before Wednesday’s rate-setting announcement.

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