The Bank of Canada has lowered interest rates by a bumper half a percentage point to 3.75 per cent, with rate-setters resorting to a bigger cut to boost weakening growth.
The widely expected cut was the fourth in a row by the G7 country’s central bank. However, earlier cuts had been of a smaller, quarter-point, margin.
Tiff Macklem, the governor of the Bank of Canada, told reporters there was “clear consensus” for a bigger cut this time.
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