Bank of Canada cuts rates for first time in four years as inflation eases

With further and more sustained evidence underlying inflation is easing, monetary policy no longer needs to be as restrictive, Governor Tiff Macklem said in his remarks after the announcement.

A majority of economists polled by Reuters had expected Wednesday's cut.

If inflation continues to ease, and our confidence that inflation is headed sustainably to the 2 percent target continues to increase, it is reasonable to expect further cuts to our policy interest rate, Macklem said in an indication of what future reductions could look like.

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