Bank of Canada governor Tiff Macklem, seen during a news conference in Ottawa, Wednesday, June 4, 2025. Photo by THE CANADIAN PRESS/Adrian Wyld

Here’s the Bank of Canada ’s official statement for its rate decision:

The Bank of Canada today reduced its target for the overnight rate by 25 basis points to 2.5 per cent, with the Bank Rate at 2.75 per cent and the deposit rate at 2.45 per cent.

After remaining resilient to sharply higher U.S. tariffs and ongoing uncertainty, global economic growth is showing signs of slowing. In the United States, business investment has been strong but consumers are cautious and employment gains have slowed. U.S. inflation has picked up in recent months as businesses appear to be passing on some tariff costs to consumer prices. Growth in the euro area

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