Bank of Canada cuts interest rate to 3.25 

It’s a massive interest rate cut from the Bank of Canada.

In its fifth consecutive reduction since June, the BOC has lowered its key interest rate by half a percentage point to 3.25 per cent.

In a statement, BOC Governor Tiff Macklem says  the central bank opted for two large rate cuts in a row because inflation and economic growth don’t need to be restricted anymore.  He adds the focus is now on keeping the rate where it is. 

Written by Casey Kenny