Bank of Canada cuts policy rate by 50 basis points to 3.75%

seekingalpha10-23

The Bank of Canada cut its target for the overnight rate by 50 basis points to 3.75% on Wednesday, in line with economists' expectations and its fourth straight cut. The supersize cut came as Canada's...

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The supersize cut came as Canada's...</p>\n\n<a href=\"https://seekingalpha.com/news/4195184-bank-of-canada-cuts-rate-by-50-basis-points-to-375\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4582","symbol_name":"ESG ETF-MSCI","start_time":0,"source_url":"https://seekingalpha.com/news/4195184-bank-of-canada-cuts-rate-by-50-basis-points-to-375","article_id":"2477889534","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1267532973/image_1267532973.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2477889534","pubTimestamp":1729691169,"columns":[],"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"The Bank of Canada cut its target for the overnight rate by 50 basis points to 3.75% on Wednesday, in line with economists' expectations and its fourth straight cut. 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The labor market stayed soft, with the unemployment rate at 6.5% in September. \"Overall, the economy continues to be in excess supply,\" it said. \"The Bank’s preferred measures of core inflation are now below 2½%. With inflationary pressures no longer broad-based, business and consumer inflation expectations have largely normalized,\" the Bank of Canada said in its statement. It expects further policy rate cuts if the economy evolves as expected. \"However, the timing and pace of further reductions in the policy rate will be guided by incoming information and our assessment of its implications for the inflation outlook,\" it added. The central bank policymakers will make decisions on a meeting-by-meeting basis. Furthermore, the Bank of Canada continued its balance sheet normalization. The Canadian dollar weakened 0.2% against the U.S. greenback. 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