The Bank of Canada in Ottawa. (Video screengrab from BankofCanada.ca)

Bank of Canada interest rate cut to give some borrowers relief

Effects on financial markets likely to be muted says FCC economist

The Bank of Canada trimmed its key policy rate on Wednesday to 4.75 per cent from a 23-year high of five per cent. Inflation is now running at 2.7 per cent, above the central bank's two per cent target, but down from a high of 8.1 per cent in June 2022, Reuters reported.