In Ottawa, Bank of Canada governor Tiff Macklem and senior deputy governor Carolyn Rogers discuss the central bank's decision to lower its key interest rate to 4.75 per cent from 5 per cent, marking the first rate cut in more than four years since March 2020.
Macklem says the bank's monetary policy no longer needs to be as restrictive as inflation moves closer to the 2 per cent target rate. The Bank of Canada's next interest rate decision is scheduled to be announced on July 24, 2024.
