The Bank of Canada cut its benchmark interest rate by a quarter percentage point

 

The Bank of Canada cut its benchmark interest rate by a quarter percentage point. Interest rates are being cut for the second time in a row due to inflation and a weak economy. With this, the base interest rate has become 4.50. In June, the interest rate was reduced by a quarter of a percentage point from five percent to 4.75 percent.

Meanwhile, Governor Tiff McClem has indicated that more rate-cutting decisions can be expected if inflation continues. The unemployment rate was 6.4 percent in June due to the recession. The annual inflation rate eased to 2.7 percent in June after rising again in May.