Bank of Canada cuts rates by half a point but signals more gradual pace – National [Video]

The Bank of Canada delivered a second consecutive interest rate cut of half a percentage point on Wednesday, but signalled the pace of easing may slow as uncertainty builds in the Canadian economy.

The central bank’s policy rate now stands at 3.25 per cent after the fifth rate cut in a row.

The move was widely expected by markets and economists amid signs of a slowdown in Canada’s economy.

Bank of Canada governor Tiff Macklem said Wednesday that with the central bank now having “substantially” cut its policy rate since June, Canadians should not expect as rapid a pace of cuts.

“We anticipate a more gradual approach to monetary policy if the economy evolves broadly as expected,” he said.

Macklem confirmed that the Bank of Canada is considering “further reductions in the policy rate.”

But he did not provide much more specifics when asked by reporters about whether that means monetary policymakers will revert …