What are the benefits and drawbacks of the Bank of Canada's hefty interest rate cut?

The Bank of Canada has lowered its interest rate by 50 basis points to 3.25 per cent. Kevin Mulligan, the director of UBC's school of economics, tells BC Today host Michelle Eliot the rate cut brings mixed reviews. While borrowers may welcome the lower rate, he says the reason for the reduction likely signals a weaker economy. Connect with CBC Vancouver online: Website: https://www.cbc.ca/bc TikTok: https://www.tiktok.com/@cbcvancouver #CBCVancouver #CBCNews #BritishColumbia #interestrate #rate #economy #recession #bankofcanada #mortgage #jobs