Canada’s central bank has cut its main interest rate, making it the first G7 nation to loosen monetary policy in the current cycle.
The Bank of Canada lowered its policy rate to 4.75 per cent on Wednesday, having held it at 5 per cent since July last year. Traders on Tuesday had placed the probability of a June rate cut at 84 per cent, according to a Reuters poll.
“Governing Council decided monetary policy no longer needs to be as restrictive,” BoC governor Tiff Macklem said.
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