Bank of Canada cuts key interest rate by 50 basis points amid "softer economic outlook" | FULL

The Bank of Canada delivered a second consecutive interest rate cut of half a percentage point on Wednesday.

The central bank’s policy rate now stands at 3.25 per cent after the fifth rate cut in a row.

Bank of Canada Governor Tiff Macklem noted "when you look at all the data, it does tilt towards a softer economic outlook, a softer outlook for GDP growth than we published in October."

The move was widely expected by markets and economists amid signs of a slowdown in Canada’s economy.

While inflation has returned to the Bank of Canada’s target of two per cent, the Canadian unemployment rate rose more than expected in November and real gross domestic product undershot the central bank’s most recent forecasts in the third quarter.

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