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Bank of Canada cuts interest rates
BY Connect Newsroom, Jan 29, 2025 4:32 PM - REPORT AN ERROR
This is the 6th consecutive cut in interest rates.(Photo: The Canadian Press)
There is relief news for Canadians as the Bank of Canada has cut interest rates by 0.25 percent on Wednesday, bringing the central bank's key rate to 3 percent from 3.25 percent. This is the 6th consecutive cut in interest rates.
In fact, the Bank of Canada has taken this latest step due to the possible tariffs of the United States because there is a fear that the tariffs will damage the economy and the central bank is focusing on managing the economy after controlling inflation.
In the last two meetings in October and December, the Bank of Canada had cut interest rates by 0.50 percent both times and Governor Tiff McCallum had said last month that the bank would likely slow down the pace of the cuts going forward, but the uncertainty over Trump's tariffs has affected the bank's strategy.
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