OTTAWA—The Bank of Canada cut its key interest rate for the fourth time in 2024, bringing it down to 3.75 percent.
“We took a bigger step today because inflation is now back to the 2 percent target and we want to keep it close to the target,” Bank of Canada Governor Tiff Macklem said on Oct. 23.
“Now our focus is to maintain low, stable inflation. We need to stick the landing.”
The Bank said the Consumer Price Index has fallen “significantly” from 2.7 percent in June to 1.6 percent in September, which was below its inflation goal of 2 percent. It is expected that inflation numbers for October will be at 2 percent….