Bank of Canada Debated Waiting Until July to Drop Interest Rates

Bank of Canada Debated Waiting Until July to Drop Interest Rates
The Bank of Canada building is shown in Ottawa in a file photo. The Canadian Press/Sean Kilpatrick
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The Bank of Canada considered holding off its benchmark interest rate cut until July but opted to make the change this month thanks to favourable inflation reports, according to the bank’s newly released summary.
Canada’s central bank announced June 5 that its key rate would drop from 5 percent to 4.75 percent, the first cut since March 2020.