OTTAWA — The Bank of Canada cut its key interest rate target by 25 basis points to 4.75 per cent on Wednesday. Here is the text of the central bank's decision:
The global economy grew by about three per cent in the first quarter of 2024, broadly in line with the Bank’s April Monetary Policy Report projection. In the United States, the economy expanded more slowly than was expected, as weakness in exports and inventories weighed on activity. Growth in private domestic demand remained strong but eased. In the euro area, activity picked up in the first quarter of 2024.
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