Bank of Canada Cuts Rates to Become First G-7 Central Bank to Ease Policy

OTTAWA—The Bank of Canada cut its main interest rate by a quarter percentage point, becoming the first Group of Seven central bank to provide rate relief after global policymakers aggressively increased borrowing costs to tame inflation.

Canada’s central bank said a cut was warranted because officials are now increasingly confident that inflation is moving closer to their 2% target. Bank of Canada Gov. Tiff Macklem said more rate cuts could be in the offing should inflation show further signs of slowing.

Source: WSJ