By Rosalind Russell – As expected, the Bank of Canada has reduced its trend-setting interest rate to four and a half per cent.
With broad price pressures continuing to ease and inflation expected to move closer to 2%, the bank says it decided to reduce the policy interest rate by a further 25 basis points.
The bank says the global economy is expected to continue expanding and while inflation is still above central bank targets in most advanced economies, it is forecast to ease gradually.
The bank’s next decision on interest rates will be made in September (4th).
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