Banks follow suit after Bank of Canada announces interest rate cut

Canadian financial institutions are lowering their prime lending rates to match the half percentage point decrease Wednesday from the Bank of Canada.  All of the Big Six banks said Wednesday that they’re lowering their prime rate to 5.45 per cent, effective Thursday.  Bank prime rates help determine the cost of things like variable-rate mortgages and lines of credit while fixed mortgage rates are influenced more by the bond market.  Bank of Canada governor Tiff Macklem says Canadians should expect a slower pace of cuts moving forward.