Bank of Canada cuts key interest rate to 3.25%

The Bank of Canada lowered its interest rate by 50-basis points to 3.25 per cent on Wednesday.

Economists were largely expecting another weighty cut following a quarterly GDP report that saw growth come in below the central bank’s projection and a jobs report that showed an uptick in the unemployment rate.

The central bank cut rates by a half-point in October for the first time since the pandemic.

Bank of Canada governor Tiff Macklem and senior deputy governor Carolyn Rogers are expected to speak and take questions from media at 10:30 a.m. ET. The conference will be livestreamed on this page.

Bank of Canada officials speak following interest rate announcement

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Bank of Canada governor Tiff Macklem and senior deputy governor Carolyn Rogers give a statement and answer questions about the central bank’s interest rate announcement.

More to come.