Bank of Canada cuts interest rates by 50 basis points for fourth straight cut
The Bank of Canada cut interest rates by 50 basis points on Wednesday, lowering its benchmark rate to 3.75 per cent from 4.25 per cent, the sharpest cut in borrowing costs since the early days of the March 2020 outbreak, according to reports. The Bank of Canada called it a sign that the country is returning to an era of low inflation. In response to soaring prices, the Bank of Canada previously raised interest rates to a 20-year high, but has cut rates four times in a row since June.Inflation fell to 1.6 per cent in September, below its 2 per cent target.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Analyst: Markets may be at a temporary top ahead of the US election
Institutions: Gold's decline may reflect some degree of profit-taking
Data: ETH falls below $2,500