The Bank of Canada cut its benchmark interest rate by a quarter point on Wednesday, bringing it to 2.5 per cent after three straight holds.

Governor Tiff Macklem said the central bank has shifted to worrying more about a slowing economy than high inflation.

Here’s what we learned about the economy, inflation and more from the central bank’s decision and press conference Wednesday.

Recession unlikely

The bank has been cagey with economic outlooks this year because of the greater-than-usual uncertainty on trade, instead putting forth multiple scenarios to illustrate where things might be headed.

But Macklem said Wednesday it doesn’t look like a recession is in the cards this year, even after the economy contracted in the second quarter.

“We are expecting growth somewhere around one per

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