The Globe and Mail reports in its Thursday edition that the Bank of Canada cut its key interest rate by half a percentage point to 3.25 per cent, marking the fifth consecutive cut since June. The Globe's Mark Rendell writes that with inflation back at the 2-per-cent target, policy-makers aim to lower borrowing costs to avoid recession. The BOC is shifting to a slower pace of rate cuts amid uncertainty over population growth and tariffs. Governor Tiff Macklem said, "With the policy rate now substantially lower, we anticipate a more gradual approach to monetary policy if the economy evolves broadly as expected." He said that further rate cuts are possible, but would likely happen at a slower pace. "We're going to take our decisions one meeting at a time based on the best available information." While financial markets were anticipating the oversized move, back-to-back half-point cuts are unusual. Excluding crises, such as the start of the COVID-19 pandemic, the BOC last delivered two half-point cuts in a row in 2009. Mr. Macklem justified the move by pointing to tepid economic growth and a weakening labour market in recent months. Canada's gross domestic product growth undershot the bank's forecast in the third quarter.