BoC considered waiting until July to cut interest rates, summary says

OTTAWA — The Bank of Canada's governing council thought about waiting until July to lower interest rates but ultimately decided to cut earlier, the central bank's summary of deliberations reveals.

The Bank of Canada's quarter-point rate cut was the first time the central bank lowered its policy rate since March 2020. It also marked a turning point in its fight against high inflation. With its key rate now standing at 4.75 per cent, the summary reiterates the central bank's cautious approach, noting that it plans to take future interest rate decisions one at a time.

Economists will have their eyes on just how much the housing market heats up as interest rates continue to fall. On the flip side, the central bank considered the risk that rate cuts could reignite the housing market.

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