Bank of Canada cuts key interest rate target to 0.25%

Article Link: https://torontosun.com/news/national/bank-of-canada-cuts-key-interest-rate-target-to-0-25/wcm/0596ae94-5708-4fa7-92e7-e2a99a669ffd

Discussion posted by: IRWeasel

OTTAWA — Canada’s central bank made yet another unscheduled rate cut Friday to bring its key interest target down to a crisis-level low, and the federal government upped its financial lifeline to businesses in a two-pronged effort to further combat the economic shock from COVID-19. It was the double shock from the novel coronavirus and a sharp drop in oil prices that spurred the Bank of Canada’s surprise announcement — its second unscheduled cut this month and third overall this month — to lower its rate by half a percentage point to 0.25% after it started the month at 1.75%.