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Bank of Canada watching economy closely after half-point rate cut

  • The Bank of Canada's governing council cut its key interest rate by half a percentage point to 3.25 percent to combat inflation and support economic growth.
  • The council noted lower immigration targets and tariff threats from incoming U.S. President Donald Trump as sources of economic uncertainty.
  • Members of the council indicated they would consider further rate cuts but would adopt a more gradual approach moving forward.
  • The next rate decision and quarterly economic forecast are set for January 29.
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