Manitoba interest rates: What the Bank of Canada’s latest cut means for consumers [Video]

It’s being hailed as a sizable cut to the Bank of Canada’s interest rate and the largest since the central bank began slashing in the summer.

The BoC announced Wednesday it was cutting its key lending rate from 4.25 per cent to 3.75 per cent as the global economy continues to grow.

“We took a bigger step today because inflation is now back to the two per cent target, and we want to keep it close to the target,” Bank of Canada Governor Tiff Macklem said in a statement.

The half percentage point cut is the fourth rate cut in a row by the bank as inflation dropped from 2.7 per cent in June to 1.6 per cent in September.

“It was a big announcement,” said financial analyst Bryan Borzykowski.

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“A lot of people were …