Canada

Bank of Canada Takes ‘Bigger Step,’ Cuts Rate By Half Point to 3.75

Bank of Canada Takes ‘Bigger Step,’ Cuts Rate By Half Point to 3.75
Bank of Canada Governor Tiff Macklem participates in a news conference on the bank's interest rate announcement in Ottawa on Sept. 4, 2024. The Canadian Press/Justin Tang
Matthew Horwood
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OTTAWA—The Bank of Canada cut its key interest rate for the fourth time in 2024, bringing it down to 3.75 percent.

“We took a bigger step today because inflation is now back to the 2 percent target and we want to keep it close to the target,” Bank of Canada Governor Tiff Macklem said on Oct. 23.

Matthew Horwood
Matthew Horwood
Author
Matthew Horwood is a reporter based in Ottawa.
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