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Bank of Canada Cuts Key Rate by 25 Basis Points to 3%, Sixth Consecutive Cut Amid Tariff Threats
The Bank of Canada cut its key interest rate by 25 basis points to 3% on Wednesday, marking the sixth consecutive rate reduction since June. The move was widely anticipated by markets and economists, aligning with expectations. Governor Tiff Macklem highlighted that the decision was influenced by the looming threat of U.S. tariffs, which could significantly impact the Canadian economy. The central bank also announced the end of its quantitative tightening program, planning to restart asset purchases in early March to manage its balance sheet in line with economic growth. The Bank of Canada revised its GDP growth forecasts downward to 1.8% for both 2025 and 2026, citing lower population growth and reduced business investment due to policy uncertainty. Inflation is expected to remain close to the 2% target over the next two years, despite potential volatility from temporary tax measures. The central bank also adjusted its deposit rate to 5 basis points below the policy interest rate, effective January 30, to improve the effectiveness of its monetary policy framework.
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