In its final major cut of the year, the Bank of Canada has lowered the policy interest rate from 3.75% to 3.25%.
The 0.50% cut is the fifth announcement of 2024.
Experts were predicting a 0.25% interest rate cut, but that changed after Canada’s unemployment rate rose to 6.8% — a nearly eight-year high if you exclude the peak pandemic years of 2020 and 2021. Statistics Canada dropped the report on last Friday.
More to come…