CANADA BECOMES FIRST G7 NATION TO CUT INTEREST RATES

The Bank of Canada trimmed its key policy rate on Wednesday, the first G7 country to do so, in a widely expected move that will ease pressure on highly indebted consumers, but indicated further easing would be gradual and dependent on data."Let's just enjoy the moment for a bit," said Governor Tiff Macklem at a press conference after announcing the central bank had reduced rates to 4.75% from 5%, the first cut in four years.

Macklem stressed the timing of the next cut would depend on whether inflation continued its downward trajectory and the economy evolved in line with the bank's expectations. Some economists predicted the BoC would cut again in July even though financial markets had priced in a 39% chance of a cut to 4.50% next month.

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