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Bank of Canada chops borrowing costs to 50-year low
Last Updated: Tuesday, December 9, 2008 | 9:28 AM ET Comments80Recommend83
) e( P2 J) q" s$ v% m1 c# P( F  nCBC News

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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; D. b) X" B+ t& v/ `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.

% j3 h  @4 Q* P( q5 p"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.
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4 z8 M( P* m1 R* w1 p* k"The recent declines in terms of trade, real income growth, and confidence are prompting more cautious behaviour by households and businesses."

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.

In 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.