Bank of Canada cuts key interest rate to 4.75%

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The Bank of Canada has lowered its key interest rate to 4.75 per cent.

‘We’ve come a long way in the fight against inflation,’ said BOC governor Tiff Macklem

Jenna Benchetrit · CBC News ·

A man and a woman in suits sit behind a desk with microphones, flanked by Canadian flags.
Bank of Canada governor Tiff Macklem and Carolyn Rogers, senior deputy governor, hold a press conference at the Bank of Canada in Ottawa on March 6. The Bank of Canada lowered its key interest rate to 4.75 per cent on Wednesday. (The Canadian Press/Sean Kilpatrick)

The Bank of Canada has lowered its key interest rate to 4.75 per cent, marking the bank’s first rate cut since March 2020.

Economists were largely expecting the move. Bank governor Tiff Macklem said in published remarks that the bank’s monetary policy no longer needs to be as restrictive.

“We’ve come a long way in the fight against inflation. And our confidence that inflation will continue to move closer to the two per cent target has increased over recent months,” Macklem said.

Macklem and senior deputy governor Carolyn Rogers will hold a press conference explaining the decision at 10:30 a.m. ET. A livestream will be available in this story.

More to come.

ABOUT THE AUTHOR

Jenna Benchetrit is a senior writer with the business content unit at CBC News. She has also covered entertainment and education stories. A Montrealer based in Toronto, Jenna holds a master’s degree in journalism from Toronto Metropolitan University. You can reach her at jenna.benchetrit@cbc.ca.

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