Bank of Canada cuts interest rate, says to expect more 'gradual approach' ahead [Yahoo! Finance Canada]
Royal Bank Of Canada (RY)
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Source: Yahoo! Finance Canada
The Bank's governor Tiff Macklem in a press conference following the release stressed that while the Governing Council will be considering further reductions in the policy rate, it will also be taking "a more gradual approach" to its monetary policy. The oversized cut, which was widely expected by economists, is also the fifth consecutive rate cut since June from the Bank of Canada. Markets had also priced in nearly 70 per cent odds of a 50 basis point cut. "With inflation around 2 per cent, the economy in excess supply, and recent indicators tilted towards softer growth than projected, Governing Council decided to reduce the policy rate by a further 50 basis points to support growth and keep inflation close to the middle of the 1-3 per cent target range," the Bank of Canada said in a statement on Wednesday. Follow Yahoo Finance Canada's live blog for news, updates and analysis of the Bank of Canada's interest rate announcement below. LIVE 36 updates Jeff Lagerquist Rate
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