The Bank of Canada announced today that their key interest rates are dropping and more cuts are on the way.
CANADA - The Bank of Canada has lowered its key interest rate.
The rate has dropped from 5 per cent to 4.75 per cent.
Bank Governor Tiff Macklem says "We've come a long way in the fight against inflation. And our confidence that inflation will continue to move closer to the two per cent target has increased over recent months,"
Macklem also said this will not be the only cut this year with another 25 basis points likely to be cut in July with two more after that, stating "if the bank had left interest rates high for too long, we could have tipped the economy into an unnecessary recession,"
For full details on the latest reduction, visit the Bank of Canada's website here.
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