The Bank of Canada cut the key interest rate by 50 basis points to 3.25%, the same pace as the previous cut, in line with market expectations after rising unemployment and recording economic growth below the central bank's estimates.
At a press conference on Wednesday, the governor of the central bank, Tiff McLem, explained that decision-makers chose to make two consecutive large reductions in interest rates as a result of the no need to restrict inflation and economic growth, with the inflation rate returning to the 2% target.
McClem added that the central bank is moving towards a more gradual approach to its monetary policy in the future, indicating a slower pace of interest rate cuts.
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