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Bank of Canada cuts benchmark interest rate by 25bps to 4.75%
John MacFarlane and Alicja Siekierska
Updated Wed, June 5, 2024 at 11:13 a.m. EDT
Bank of Canada Governor Tiff Macklem takes part in a news conference, announcing an interest rate decision in Ottawa, Ontario, Canada January 25, 2023. REUTERS/Blair Gable
The Bank of Canada releases its rate announcement at 9:45 a.m. ET. A press conference will follow at 10:30 a.m. ET. REUTERS/Blair Gable (REUTERS / Reuters)
The Bank of Canada cut its benchmark interest rate by 25 basis points on Wednesday, the first reduction in more than four years, bringing its policy rate to 4.75 per cent.

The decision was widely expected by economists. The central bank cited progress on lowering inflation, weaker than expected economic growth in the first quarter, and employment growing at a slower pace than the working-age population.

“With continued evidence that underlying inflation is easing, Governing Council agreed that monetary policy no longer needs to be as restrictive and reduced the policy interest rate by 25 basis points,” the Bank of Canada said in a statement.

“Recent data has increased our confidence that inflation will continue to move towards the 2 per cent target.”

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