BoC slashes rate policy by 50 basis points as expected

Bank of Canada (BoC) took a decisive step on Wednesday, slashing its policy rate by 50 basis points to 3.25%. This move, widely anticipated by market analysts, aligns with the central bank’s efforts to stimulate economic growth and combat inflationary pressures.

The Canadian Dollar weakened further against the US Dollar in response to the rate cut, hitting a fresh four-year low. This decision comes as headline inflation in Canada showed a modest uptick in October.