OTTAWA — The Bank of Canada cut its key interest rate for the first time in more than four years today, marking a major turning point in its fight against inflation.
Governor Tiff Macklem says the Bank of Canada has more confidence inflation is moving closer to its two per cent target, citing various indicators that suggest price pressures have retreated.
Wednesday’s rate cut opens a new chapter for the Bank of Canada, which has been preoccupied with wrestling inflation down over the last two years. Canada’s annual inflation rate has steadily declined in recent months, reaching 2.7 per cent in April. Measures of underlying price pressures have also eased, giving the central bank more confidence that inflation will continue to trend lower.
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