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Bank of Canada cuts policy interest rate by 25 basis points

Bank of Canada cuts policy interest rate by 25 basis points

Earlier today, the Bank of Canada announced a rate cut of 0.25%, bringing the overnight rate to 3.00%. While the Canadian economy is showing moderate growth and core inflation figures hovered at 1.6% last month (below the 2% target), unemployment has continued to increase to 6.8%. The Bank of Canada has decided to cut rates further to avoid dragging the Canadian economy down further and fueling rising unemployment.

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