The Bank of Canada lowered its key interest rate from 5% to 4.75%, which is the first rate cut since March 2020. Governor Macklem said that as inflation gets closer to the 2% target, the bank's monetary policy can now be less stringent. The Bank of Canada will decide on interest rates again on July 24, 2024. Since the announcement, Canada's S&P/TSX Composite has risen by 0.76%.
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