Bank of Canada Cuts Rates, Hails 'Good News' on Low Inflation

October 23, 2024, 08.53 PM | Source: Reuters
Bank of Canada Cuts Rates, Hails 'Good News' on Low Inflation

ILUSTRASI. FILE PHOTO: A sign is pictured outside the Bank of Canada building in Ottawa, Ontario, Canada, May 23, 2017. REUTERS/Chris Wattie/File Photo GLOBAL BUSINESS WEEK AHEAD SEARCH GLOBAL BUSINESS 10 JULY FOR ALL IMAGES

CENTRAL BANK - OTTAWA. The Bank of Canada on Wednesday reduced its key benchmark rate by 50 basis points to 3.75%, its first bigger-than-usual move in more than four years, and hailed signs the country had returned to an era of low inflation.

The central bank, which hiked rates to a 20-year high to fight soaring prices, has now cut four times in a row since June. Inflation in September sank to 1.6%, below the 2% target.

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