Bank of Canada cuts interest rate to 4.5% with hints of more to come | FULL

During a press conference in Ottawa on Wednesday, Bank of Canada governor Tiff Macklem confirmed the bank cut its benchmark interest rate by a quarter of a percentage point, meaning it now stands at 4.5 per cent.

This comes as the second straight reduction on the Bank of Canada's policy rate, which broadly informs the cost of borrowing across the country.

Though Macklem said the bank is "equally concerned" about being either below or above its two per cent target, he assured Canadians that they will now "have more income for other things" with the latest decision, following a particularly strained economic period.

"If we continue to make progress and inflation continues to come down broadly in line with our forecast, it is reasonable to expect, some further cuts going forward," Macklem said.

The move was widely expected by economists as inflation continues to cool and the Canadian economy shows signs of weakness.

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