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The 2.5% reading is the lowest since March 2021.
After a first interest rate cut in June, the Bank of Canada (BoC) again lowered its key overnight rate by 25 basis points at its meeting Wednesday, to 4.5%. The move was in line with market and our own expectations ahead of the announcement.
The latest Business Outlook Survey largely confirmed further normalizing in a few key areas that the central bank has deemed critical to future inflation trends.
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