The Bank of Canada lowered its key interest rate to 4.25 per cent, marking the third consecutive cut since June. This reduction aligns with easing inflation pressures.
This third cut was anticipated by economists, as Bank of Canada governor Tiff Macklem indicated further rate reductions would continue if inflation kept declining.
In July, Canada’s annual inflation rate fell to 2.5 per cent, the lowest since March 2021, indicating a significant transition in economic conditions.
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