The Bank of Canada's decision to lower its benchmark interest rate Wednesday marked a significant turning point in its quest to tame inflation.

The key rate informs the cost of borrowing widely in Canada, including the rates Canadians pay on mortgages and loans.

It now stands at 4.75 per cent, following six consecutive holds in previous meetings.

Economist Angelo Melino breaks down the central bank's decision and how it intertwines with the latest Statistics Canada jobs report.

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