Economists immediately predicted the BoC would cut again in July.
The Bank of Canada on Wednesday trimmed its key policy rate by 25 basis points to 4.75%, in a widely expected move that marked its first cut in four years.The European Central Bank is most likely to follow suit on Thursday, financial markets foresee.Bloomberg | Bloomberg | Getty Images
"With further and more sustained evidence underlying inflation is easing, monetary policy no longer needs to be as restrictive," Governor Tiff Macklem said in his opening remarks after the announcement. The Canadian dollar pared its early gains and weakened by 0.4% to 1.3733 to the U.S. dollar, or 72.98 U.S. cents after the decision.
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