Bank of Canada cuts rates to 4.75%, signals more to come

The Bank of Canada cut interest rates as it sees a soft landing on the horizon, making it the first Group of Seven central bank to kick off an easing cycle. 

Policymakers led by Governor Tiff Macklem lowered the benchmark overnight rate by 25 basis points to 4.75% on Wednesday, as widely expected by markets and economists in a Bloomberg survey. Officials say they’re more confident that inflation is headed to the 2% target, and said it’s “reasonable to expect further cuts,” if progress continues.