From Global News.

The Bank of Canada cut its key interest rate on Wednesday, a move that comes just hours after U.S. President Donald Trump issued new steel and aluminum tariffs against Canada.

The central bank cut its benchmark rate by 25 basis point, bringing it down to 2.75 per cent. This was the bank’s seventh consecutive interest rate cut.

Bank of Canada Governor Tiff Macklem and senior deputy governor Carolyn Rogers will deliver a statement and answer questions about the central bank’s decision Wednesday, the same day as a 25 per cent U.S. tariff on steel and aluminum from Canada goes into effect.

While inflation in Canada has been below two per cent and Canada’s unemployment rate has held steady, the threat of tariffs informed the Bank of Canada’s decision.

For more info, please go to https://globalnews.ca/news/10986501/bank-of-canada-interest-rate-january-2025/

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