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Bank of Canada slashes rates again to provide 'bridge across the trouble'
The Bank of Canada slashed its key interest rate for the second time in nine days on Friday to provide a “bridge across the trouble” as authorities seek to stave off a potential recession amid the coronavirus outbreak. At the same time, Ottawa pledged C$10 billion ($7.2 billion) in credit support for businesses and pledged to do whatever was necessary to protect Canadians. The central bank unexpectedly cut its overnight interest rate by 50 basis points to 0.75% after taking the same step on March 4. It was the first unscheduled cut since the financial crisis of 2008. Bank of Canada Governor Stephen Poloz made the ... (full story)
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