The Bank of Canada considered cutting its key interest rate by just a quarter of a percentage point last month, but opted to take a larger step in the face of a weakening economy and falling inflation.

That’s according to the central bank’s summary of deliberations released Tuesday, which details the governing council’s conversations ahead of the Oct. 23 interest rate announcement.

New documents show the Bank of Canada was considering a quarter-percentage point cut in October before settling on a half-point reduction.{ai:summary}<p>The Bank of Canada contemplated a modest quarter-point cut to its key interest rate last month but ultimately decided on a more significant reduction due to a declining economy and decreasing inflation. This information comes from the central bank's summary of discussions prior to the Oct. 23 announcement. #economy</p>

Central bank considered smaller rate cut in October before settling on half point reduction

Loading...