Bank of Canada cuts interest rates: Read the official statement

The Bank of Canada today reduced its target for the overnight rate to 4.75 per cent, with the Bank Rate at 5 per cent and the deposit rate at 4.75 per cent. The Bank is continuing its policy of balance sheet normalization.

With continued evidence that underlying inflation is easing, Governing Council agreed that monetary policy no longer needs to be as restrictive and reduced the policy interest rate by 25 basis points. Recent data has increased our confidence that inflation will continue to move towards the 2 per cent target. Nonetheless, risks to the inflation outlook remain.

Most, but not all, economists expect the central bank will deliver a cut of 25bps later this morning, which would make it the first to move lower in the G7 since 2020.GOP senators warn judge against sentencing Trump to prison

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