The Bank of Canada has implemented a more substantial rate cut, reducing the key interest rate by 0.5 percentage points for the first time since the pandemic.

The Bank of Canada’s decision on Wednesday to cut the interest rate by 50 basis points, bringing it down to 3.75%, marks a rate reduction twice as large as the previous cuts. The Bank of Canada has lowered its key interest rate to 3.75%, marking the first 50-basis-point cut since the onset of the COVID-19

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