It's the news that millions of Canadians have been waiting for. The Bank of Canada has ended their historic interest rate increase cycle, by cutting their key rate of the first time since the start of the COVID-19 pandemic.
The benchmark interest rate was reduced Wednesday by a quarter-percentage point, marking a significant turning point in the central bank’s efforts to tame inflation.
The Bank of Canada’s policy rate now stands at 4.75 per cent, following six consecutive holds in previous meetings.
Global’s Mackenzie Gray visited the Bank of Canada Wednesday morning to break down governor Tiff Macklem's decision.
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