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Bank of Canada chops borrowing costs to 50-year low9 _8 M$ W) e! C3 v; @2 V( R7 G9 u
Last Updated: Tuesday, December 9, 2008 | 9:28 AM ET Comments80Recommend834 N: P; P# ?& G* L
CBC News0 m u1 ], x' [* f
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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.
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! L* L8 l' Q' R( r! S# A' v. v, v. a"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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. {# G9 G: i% T) R) @% z }- W"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.) T3 i, q; u- V
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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. |
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发表于 2008-12-9 08:45
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