The Bank of Canada lowered its benchmark interest rate by a quarter-percentage point to 4.75 per cent on Wednesday, marking a significant turning point in the central bank’s efforts to tame inflation.
BMO chief economist Doug Porter said in a note that he also expects inflation slipped 0.1 percentage points last month, which would bring annual inflation to the lowest point since March 2021. While Porter said the May inflation figures could well decide whether the Bank of Canada moves forward with a second consecutive rate cut at its next meeting on July 24, the central bank so far seems to be “leaning” in that direction.Deliberations from the Bank of Canada’s June 5 rate decision
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