Life’s tough. Will the interest rate cut help?

Front Burner

The Bank of Canada has cut its key interest rate by a quarter of a percent, the first such cut since 2020. But is it going to make life in Canada any more affordable?

Two men are shown seated opposite each other with a coffee table between them.
FCBC senior business correspondent Peter Armstrong, left, spoke with Bank of Canada governor Tiff Macklem this week as the BoC cut interest rates for the first time in four years. (Marc Robichaud/CBC)

Front Burner27:04Life’s tough. Will the interest rate cut help?

An interest rate cut of a quarter of a percent might not sound like much. But as the first cut in four years following the COVID-19 pandemic and all the economic upheaval that followed, it’s a big deal. And it could be the first of several in the months ahead.

But what does that mean for you? How does that affect your ability to afford things like a mortgage, a car, groceries, or growing your business? And after a rocky couple of years, do people even have faith in the Bank of Canada’s ability to keep things under control anymore?

CBC senior business correspondent Peter Armstrong breaks it all down, including insights from an exclusive interview with BoC governor Tiff Macklem.

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