Bank of Canada cuts key interest rate for 1st time in four years

It’s a day thousands of Canadians have been waiting for… the Bank of Canada cut its key interest rate for the first time in more than four years today, marking a major turning point in its fight against inflation.

Governor Tiff Macklem says the central bank has more confidence inflation is moving closer to its 2% target, citing various indicators that suggest price pressures have retreated.

The news today won’t just impact those with mortgages and loans, but also every single Canadian impacted by higher prices for food.