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Bank of Canada lowers overnight rate target to ¼ percent
The Bank of Canada today lowered its target for the overnight rate by 50 basis points to ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent. This unscheduled rate decision brings the policy rate to its effective lower bound and is intended to provide support to the Canadian financial system and the economy during the COVID-19 pandemic. The spread of COVID-19 is having serious consequences for Canadians and for the economy, as is the abrupt decline in world oil prices. The pandemic-driven contraction has prompted decisive fiscal policy action in Canada to support individuals and ... (full story)
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Bank Of Canada Decision Brings Policy Rate To Effective Lower Brand
— LiveSquawk (@LiveSquawk) March 27, 2020
- Launching Commercial Paper Purchase Program
- Acquiring Government Of Canada Securities In Secondary Market
- To Purchase Min C$5Bln In Government Securities Per Week
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