Bank of Canada reduces rates by 25bp

Macklem says runway for a soft landing is in sight and policy is working

Bank of Canada headquarters’ atrium
Bank of Canada

The Bank of Canada cut interest rates by 25 basis points on June 5, making it the first G7 economy to do so in the post-pandemic era.

Governor Tiff Macklem said the central bank hadn’t yet achieved its soft landing, but the runway was in sight.

“Restrictive monetary policy is working to relieve price pressures,” Macklem said to reporters. “And with further and more sustained evidence underlying inflation is easing, monetary policy no longer needs to be as restrictive.” He continued by forecasting

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