Bank of Canada cuts key interest rate to 4.25% | FULL

The Bank of Canada delivered its third consecutive interest rate cut on Wednesday as inflation continues to cool and concerns shift to economic growth. The quarter-percentage-point cut was widely expected by economists and brings the central bank’s benchmark interest rate to 4.25 per cent. “If inflation continues to ease broadly in line with our July forecast, it is reasonable to expect further cuts in our policy rate,” Bank of Canada Governor Tiff Macklem said. The policy rate, which widely sets the cost of borrowing across Canada and informs the rates many Canadians get on mortgages and other loans, has fallen 75 basis points since the easing cycle began in June. Macklem also noted that shelter price inflation may decrease soon, saying, "with mortgage rates coming down, hopefully, with more supply coming into the rental market — and with some reduction in population growth — you should see rent prices come down," he said. For more info, please go to https://globalnews.ca/news/10732198/bank-of-canada-interest-rate-september-2024/ Subscribe to Global News Channel HERE: http://bit.ly/20fcXDc Like Global News on Facebook HERE: http://bit.ly/255GMJQ Follow Global News on X HERE: http://bit.ly/1Toz8mt Follow Global News on Instagram HERE: https://bit.ly/2QZaZIB #GlobalNews #Money #InterestRates #Finance #BankofCanada