Bank of Canada delivers 1st interest rate cut since March 2020 | FULL

Bank of Canada delivers 1st interest rate cut since March 2020 | FULL

Governor Tiff Macklem held a press conference on Wednesday, after the Bank of Canada lowered its benchmark interest rate by a quarter-percentage point, marking a significant turning point in the central bank’s efforts to tame inflation.

The Bank of Canada’s policy rate now stands at 4.75 per cent following six consecutive holds in previous meetings.

Homeowners with variable-rate mortgages, as well as Canadians with other kinds of debt tied to the central bank’s policy rate, will immediately see their interest rates drop by 25 basis points. Macklem said that the “considerable progress” made in taming inflation should be “welcome news” to Canadians.

Credit to : Global News