Bank of Canada cuts key interest rate to 4.25%

The Bank of Canada has lowered its key interest rate by 25 basis points to 4.25%, marking its third consecutive cut since June in response to easing inflation. While the bank is prepared to take larger steps if needed, the current pace of cuts is deemed appropriate given the gradual decline in inflation. Despite the cuts, some economists argue that more significant reductions are necessary to boost the economy, which is seeing rising unemployment, particularly among youth and newcomers. The effects of the rate cuts will be felt primarily by those with variable-rate mortgages, but broader economic benefits may take time to materialize.  Click here to read more.

Source: CBC