June 12, 2024
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The Globe and Mail

The Bank of Canada cut its benchmark interest rate by a quarter percentage point on Wednesday, lowering borrowing costs for households and businesses for the first time in four years and marking a turning point for the Canadian economy after the biggest inflation and interest-rate shock in decades.

The central bank’s governing council lowered the policy rate to 4.75 per cent from 5 per cent, a two-decade high reached last summer after 10 rapid-fire rate hikes in 17 months.

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The long-awaited interest rate U-turn is finally at hand.

Rates began rising from pandemic lows in March, 2022, and have been flat since last summer. We are still far from unwinding those recent rate hikes, and it’s unlikely that we get back to the old lows. But the trend is clear: slowly and haltingly, borrowers will pay less and savers will make less. Here’s a summary of what you need to know following the 0.25-of-a-percentage-point drop in the Bank of Canada’s overnight rate on Wednesday:

Savings rates
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