The Bank of Canada cut its key interest rate by 50bps for a second consecutive time in its December decision, as expected by markets. This is the fifth consecutive decrease since June and brings the rate to 3.

The Bank of Canada is poised to cut its key policy rate by another 50 basis points on Wednesday as weak unemployment numbers and poor growth underscore an economy that needs support, economists and analysts said.

For the second time in a row, the Bank of Canada cut its main interest rate by a half-percentage point, saying lower rates are needed to address weaker-than-expected growth and a softening labor market.