OTTAWA — The Bank of Canada delivered a supersized interest rate cut Wednesday in response to the recent decline in inflation, bringing its key policy rate down by half a percentage point.
With annual price growth now around two per cent, the central bank says its job has shifted from lowering inflation to maintaining it around the inflation target.
Wednesday marked the central bank’s fourth consecutive interest rate cut since June. Its policy rate now stands at 3.75 per cent, down from a height of five per cent. High interest rates have sent a chill through the Canadian economy, slowing growth and loosening the labour market.
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