On Wednesday (October 23), the Bank of Canada announced that it would lower its policy rate from 4.25% to 3.75%, in line with market expectations. This is already the fourth time that the Central Bank of Canada has lowered interest rates since June. Unlike the previous three times, the magnitude of this rate cut is 50 basis points. The last time the bank cut interest rates by such a large margin was in March 2020, when the COVID-19 epidemic just broke out.