Bank of Canada Lowers Key Rate to 4.75 Percent, Expresses ‘Confidence’ Inflation Will Continue Slowing

Published on June 5, 2024

OTTAWA—The Bank of Canada has slashed interest rates for the first time in more than four years, bringing its key rate to 4.75 percent. Canada’s central bank reduced its policy rate by 25 basis points June 5, claiming its monetary policy no longer needs to be as restrictive. “We’ve come a long way in the fight against inflation,” Bank of Canada Governor Tiff Macklem told reporters. “And our confidence that inflation will continue to move closer to the 2 percent target has increased over recent months. The considerable progress we’ve made to restore price stability is welcome news for Canadians.” With Canada’s inflation rate falling to 2.7 percent in April from 3.4 percent in December, the Bank said it has confidence that inflation will continue falling towards its target of 2 percent....

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