OTTAWA — The Bank of Canada cut its key interest rate for the first time in more than four years Wednesday, marking a major turning point in its fight against inflation.
Governor Tiff Macklem says the central bank has more confidence inflation is moving closer to its two per cent target, citing various indicators that suggest price pressures have retreated.
“If inflation continues to ease, and our confidence that inflation is headed sustainably to the two per cent target continues to increase, it is reasonable to expect further cuts to our policy interest rate,” Macklem said in remarks prepared for a morning news conference.
“But we are taking our
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