The long-awaited interest rate cut is here

The Bank of Canada (BOC) yesterday cut its policy rate, its key interest rate, by 0.25 percent to 4.75 percent. “We’ve come a long way in the fight against inflation,” said BOC governor Tiff Macklem. This is the first cut in interest rates by the central bank since March 2020. Macklem said that he is confident the inflation rate will continue to move closer to the BOC’s two percent target.