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Bank of Canada chops borrowing costs to 50-year low1 e/ h( j9 B1 m% l: j% }' Q0 u
Last Updated: Tuesday, December 9, 2008 | 9:28 AM ET Comments80Recommend83& r; s$ x* o3 M g1 k
CBC News, h) R$ `* T- R* A% Y1 J" j9 U) ?" Z
$ H/ W; `. Q. d0 B. `The Bank of Canada chopped a key interest rate by three-quarters of a percentage point on Tuesday as the central bank moves to combat economic weakness.
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With the interest rate reduction — which was the biggest drop since one of a similar size in October 2001— the bank's overnight rate now stands at 1.5 per cent, a level not seen since 1958.% f, V, j. c% N% {! g/ ]0 d
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"While Canada's economy evolved largely as expected during the summer and early autumn, it is now entering a recession as a result of the weakness in global economic activity," the bank said.% I5 q) _; U) `& x
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"The recent declines in terms of trade, real income growth, and confidence are prompting more cautious behaviour by households and businesses."
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Economists had been divided over whether the central bank would cut by one-half of a percentage point or go with a more aggressive reduction.
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- `5 {2 p6 U3 C; K; S/ IIn the wake of the Bank of Canada's decision, the Canadian dollar was trading down 0.93 of a cent to 78.81 cents US. |
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发表于 2008-12-9 08:45
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