Bank of Canada cuts key interest rate by 50 basis points amid ‘softer economic outlook’

The Bank of Canada delivered a second consecutive interest rate cut of half a percentage point on Wednesday. The central bank’s policy rate now stands at 3.25 per cent after the fifth rate cut in a row. Bank of Canada Governor Tiff Macklem noted “when you look at all the data, it does tilt towards a softer economic outlook, a softer outlook for GDP growth than we published in October.”