Canada first major central bank to cut rates ahead of ECB
Updated
The Bank of Canada became the first major central bank among the Group of Seven countries to cut interest rates, opening the door for others to follow suit before the US Federal Reserve.
While the Canadian central bank’s decision to cut its cash rate by a quarter of a percentage point to 4.75 per cent was widely expected, BoC governor Tiff Macklem flagged further reductions which bolstered market sentiment.
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